Earnings Per Share

9 Months Ended

Dec. 31, 2022

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 common shares 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. Unvested Class A Restricted Common Stock holders are entitled to participate in non-forfeitable dividends or other distributions. These unvested restricted shares participated in the Company's dividends declared and were paid in the first, second, and third quarters of fiscal 2023 and 2022. 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 unvested restricted shares. A reconciliation of the income used to compute basic and diluted EPS for the periods presented are as follows:


	Three Months Ended December 31,				Nine Months Ended December 31,
	2022		2021		2022		2021
Earnings for basic computations (1)	$	30,526	$	127,992	$	337,607	$	373,413
Weighted-average common shares outstanding for basic computations	132,224,802		133,587,858		132,286,243		134,629,367
Earnings for diluted computations (1)	$	30,526	$	127,995	$	337,612	$	373,421
Dilutive stock options and restricted stock	535,075		674,392		545,326		684,859
Weighted-average common shares outstanding for diluted computations	132,759,877		134,262,250		132,831,569		135,314,226
Earnings per common share
Basic	$	0.23	$	0.96	$	2.55	$	2.77
Diluted	$	0.23	$	0.95	$	2.54	$	2.76

(1) During the three months ended December 31, 2022 and 2021, approximately 1.1 million and 1.0 million participating securities were paid dividends totaling $0.5 million and $0.4 million, respectively. During the nine months ended December 31, 2022 and 2021, approximately 1.0 million and 0.9 million participating securities were paid dividends totaling $1.3 million and $1.0 million, respectively. There were undistributed earnings of $— million and $0.6 million for the three months ended December 31, 2022 and 2021, respectively, allocated to the participating class of securities in both basic and diluted EPS. There were undistributed earnings of $1.3 million and $1.5 million for the nine months ended December 31, 2022 and 2021, respectively, allocated to the participating class of securities in both basic and diluted EPS. The allocated undistributed earnings and the dividends paid comprise the difference between net income presented on the condensed consolidated statements of operations and earnings for basic and diluted computations for the three and nine months ended December 31, 2022 and 2021. The impact of any anti-dilutive options excluded from the calculation of EPS was not material.