Earnings Per Share

3 Months Ended

Jun. 30, 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 the first quarter of fiscal 2024 and 2023. 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:


	Three Months Ended June 30,
		2023		2022
Earnings for basic computations (1)		$	160,146	$	137,369
Weighted-average of common stock shares outstanding for basic computations		131,031,979		132,371,487
Earnings for diluted computations (1)		$	160,149	$	137,372
Dilutive stock options and restricted stock		498,654		639,601
Weighted-average of common stock shares outstanding for diluted computations		131,530,633		133,011,088
Earnings per share of common stock
Basic		$	1.22	$	1.04
Diluted		$	1.22	$	1.03

(1) During the three months ended June 30, 2023 and 2022, approximately 1.0 million and 0.9 million shares of participating securities were paid dividends totaling $0.5 million and $0.4 million, respectively. There were undistributed earnings of $0.8 million and $0.5 million for the three months ended June 30, 2023 and 2022, respectively, allocated to the participating class of securities in both basic and diluted earnings per share of common stock. The allocated undistributed earnings and the dividends paid comprise the difference between net income attributable to common stockholders presented on the condensed consolidated statements of operations and earnings for basic and diluted computations for the three months ended June 30, 2023 and 2022. Anti-dilutive options excluded from the calculation of diluted EPS was not material during the periods presented.