Basic net (loss) income per common share is computed by dividing net (loss) income by the weighted-average number of common shares outstanding for the period and does not consider common stock equivalents.

Diluted net (loss) income per common share reflects the dilution that would occur if stock options were exercised and restricted shares vested. In the computation of diluted net (loss) income per common share, Orion uses the treasury stock method for outstanding options and restricted shares. Net (loss) income per common share is calculated based upon the following shares:


	Fiscal Year Ended March 31,
	2026			2025			2024
Numerator:
Net (loss) income (dollars in thousands)	$	(3,163	)	$	(11,801	)	$	(11,671	)
Denominator:
Weighted-average common shares outstanding		3,560,671			3,282,947			3,248,624
Weighted-average effect of assumed conversion of stock options and restricted stock		—			—			—
Weighted-average common shares and share equivalents outstanding		3,560,671			3,282,947			3,248,624
Net (loss) income per common share:
Basic	$	(0.89	)	$	(3.59	)	$	(3.59	)
Diluted	$	(0.89	)	$	(3.59	)	$	(3.59	)

The following table indicates the number of potentially dilutive securities excluded from the calculation of Diluted net (loss) income per common share because their inclusion would have been anti-dilutive. The number of shares is as of the end of each period:


	March 31,
	2026		2025		2024
Time-Based Restricted Shares		114,078		133,159		101,410
Performance-Based Restricted Shares		47,065		152,994		70,838
Total		161,143		286,153		172,248