Earnings Per Share

12 Months Ended

Mar. 31, 2023

The Company computes basic and diluted earnings per share amounts based on net income attributable to common stockholders for the periods presented. The Company uses the weighted average number of shares of common stock outstanding during the period to calculate basic earnings per share, or EPS. Diluted EPS adjusts the weighted average number of shares outstanding to include the dilutive effect of outstanding common stock options and other stock-based awards.

The Company currently has outstanding shares of Class A Common Stock. Holders of unvested Class A Restricted Common Stock are entitled to participate in non-forfeitable dividends or other distributions. These unvested restricted shares participated in the Company's dividends declared and paid in each quarter of fiscal 2023, 2022, and 2021. As such, EPS is calculated using the two-class method whereby earnings are reduced by distributed earnings as well as any available undistributed earnings allocable to holders of these unvested restricted shares. A reconciliation of the income used to compute basic and diluted EPS for the periods presented are as follows:


	Fiscal Year Ended March 31,
	2023		2022		2021
Earnings for basic computations (1)	$	269,656	$	463,626	$	605,437
Weighted-average of common stock shares outstanding for basic computations	132,161,646		134,134,034		137,722,589
Earnings for diluted computations (1)	$	269,657	$	463,635	$	605,455
Dilutive stock options and restricted stock	554,790		716,774		980,631
Weighted-average of common stock shares outstanding for diluted computations	132,716,436		134,850,808		138,703,220
Earnings per share of common stock
Basic	$	2.04	$	3.46	$	4.40
Diluted	$	2.03	$	3.44	$	4.37

(1) During fiscal 2023, 2022, and 2021 approximately 1.1 million, 0.9 million, and 0.8 million shares of participating securities were paid dividends totaling $1.8 million, $1.4 million, and $1.0 million, respectively. There were undistributed earnings of $0.3 million, $1.7 million, and $2.5 million allocated to the participating class of securities in both basic and diluted earnings per share of common stock for fiscal 2023, 2022, and 2021, respectively. The allocated undistributed earnings and the dividends paid comprise the difference between net income attributable to common stockholders presented on the consolidated statements of operations and earnings for basic and diluted computations for fiscal 2023, 2022, and 2021. Anti-dilutive options excluded in the calculation of diluted EPS was not material during the periods presented.