Basic earnings per share (“EPS”) is computed by dividing net income or loss applicable to common stock by the weighted average number of common shares outstanding during the period, without considering any dilutive items. Nonvested shares of restricted stock are included in the computation of basic EPS because the holder has voting rights and shares in non-forfeitable dividends during the vesting period. Diluted EPS is computed by dividing net income or loss applicable to common stock by the weighted average number of common shares and common stock equivalents for items that are dilutive, net of shares assumed to be repurchased using the treasury stock method at the average share price for the Company’s common stock during the period. Common stock equivalents arise from the assumed exercise of outstanding stock options. For the years ended March 31, 2026, 2025 and 2024, there were no stock options excluded in computing diluted EPS.

The following table presents a reconciliation of the components used to compute basic and diluted EPS for the years indicated:


		Year Ended March 31,
		2026			2025			2024
(Dollars and share data in thousands, except per share data)
Basic EPS computation:
Numerator-net (loss) income		$	(4,341)		$	4,903		$	3,799
Denominator-weighted average common shares outstanding			20,840			21,063			21,138
Basic EPS		$	(0.21)		$	0.23		$	0.18
Diluted EPS computation:
Numerator-net (loss) income		$	(4,341)		$	4,903		$	3,799
Denominator-weighted average common shares outstanding			20,840			21,063			21,138
Effect of dilutive stock options			—			—			1
Weighted average common shares and common stock equivalents			20,840			21,063			21,139
Diluted EPS		$	(0.21)		$	0.23		$	0.18

On September 26, 2024, the Company’s Board of Directors announced the adoption of a stock repurchase program (the “September 2024 repurchase program”), authorizing the Company to purchase up to $2.0 million of the Company’s outstanding shares of common stock, in the open market, based on prevailing market prices, or in privately negotiated transactions. The September 2024 repurchase program became effective on October 29, 2024 and was set to continue until the earlier of the completion of the repurchase limit or 12 months after the effective date, depending upon market conditions. The Company completed the September 2024 repurchase program on February 5, 2025, having repurchased a total of 358,631 shares at an average price of $5.58 per share and at a total cost of $2.0 million. All shares repurchased under the September 2024 repurchase program were retired and settled.

On April 29, 2025, the Company’s Board of Directors announced the adoption of a stock repurchase program (the “April 2025 repurchase program”), authorizing the Company to purchase up to $2.0 million of the Company’s outstanding shares of common stock, in the open market, based on prevailing market prices, or in privately negotiated transactions. The Company completed the April 2025 repurchase program on November 17, 2025, repurchasing 383,950 shares at an average price of $5.26 per share for a total cost of $2.0 million. All shares repurchased under the April 2025 were retired and settled.

On January 28, 2026, the Company’s Board of Directors announced the adoption of a stock repurchase program (the “January 2026 repurchase program”), authorizing the Company to purchase up to $4.0 million of the Company’s outstanding shares of common stock, in the open market, based on prevailing market prices, or in privately negotiated transactions. The January 2026 repurchase program became effective on February 18, 2026 and will continue until the earlier of the completion of the repurchase limit or 12 months after the effective date, depending upon market conditions. As of March 31, 2026, the Company had repurchased 130,059 shares at a total cost of $697,000 under the January 2026 repurchase program at an average price of $5.36 per share.