Earnings Per Share

9 Months Ended

Dec. 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 (“participating securities”). These unvested restricted shares participated in the Company's dividends declared and paid in the third 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 December 31,				Nine Months Ended December 31,
	2023		2022		2023		2022
Numerator (1):




Earnings for basic computations	$	144,431	$	30,526	$	473,856	$	337,607
Earnings for diluted computations	$	144,433	$	30,526	$	473,864	$	337,612
Denominator:
Weighted-average common stock shares outstanding, basic	130,121,092		132,224,802		130,647,687		132,286,243
Dilutive stock options and restricted stock	367,958		535,075		411,067		545,326
Weighted-average common stock shares outstanding, diluted (2)	130,489,050		132,759,877		131,058,754		132,831,569
Earnings per common share:
Basic	$	1.11	$	0.23	$	3.63	$	2.55
Diluted (2)	$	1.11	$	0.23	$	3.62	$	2.54

(1) The difference between earnings for basic and diluted computations and net income presented on the condensed consolidated statements of operations is due to undistributed earnings and dividends allocated to the participating securities. There were approximately 1.1 million of participating securities for both the three months ended December 31, 2023 and 2022, and 1.1 million and 1.0 million shares of participating securities for the nine months ended December 31, 2023 and 2022, respectively.

(2) The impact of anti-dilutive options excluded from the calculation of EPS was not material during the periods presented.