ORION ENERGY SYSTEMS, INC. Earnings Per Share Disclosure
NOTE 11 — NET (LOSS) INCOME PER COMMON SHARE
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, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Numerator: |
|
|
|
|
|
|
|
|
|
|||
Net (loss) income (dollars in thousands) |
|
$ |
(11,801 |
) |
|
$ |
(11,671 |
) |
|
$ |
(34,341 |
) |
Denominator: |
|
|
|
|
|
|
|
|
|
|||
Weighted-average common shares outstanding |
|
|
32,829,470 |
|
|
|
32,486,240 |
|
|
|
31,703,712 |
|
Weighted-average effect of assumed conversion of stock options and restricted stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Weighted-average common shares and share equivalents outstanding |
|
|
32,829,470 |
|
|
|
32,486,240 |
|
|
|
31,703,712 |
|
Net (loss) income per common share: |
|
|
|
|
|
|
|
|
|
|||
Basic |
|
$ |
(0.36 |
) |
|
$ |
(0.36 |
) |
|
$ |
(1.08 |
) |
Diluted |
|
$ |
(0.36 |
) |
|
$ |
(0.36 |
) |
|
$ |
(1.08 |
) |
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, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Time-Based Restricted Shares |
|
|
1,331,594 |
|
|
|
1,014,104 |
|
|
|
612,819 |
|
Performance-Based Restricted Shares |
|
|
1,529,936 |
|
|
|
708,377 |
|
|
|
130,635 |
|
Total |
|
|
2,861,530 |
|
|
|
1,722,481 |
|
|
|
743,454 |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Jun 26, 2025 | Showing above |
| 2024 | Jun 12, 2024 | |
| 2023 | Jun 12, 2023 | |
| 2022 | Jun 10, 2022 | |
| 2021 | Jun 1, 2021 | |
| 2020 | Jun 5, 2020 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.