Earnings Per Share

12 Months Ended

Mar. 31, 2025

4. Earnings Per Share

We calculate earnings per share using the two-class method in accordance with ASC Topic 260, Earnings Per Share. The two-class method allocates the undistributed earnings available to common stockholders to the Company’s outstanding common stock, $0.25 par value (the “Voting Common Stock”) and the Series N Non-Voting Common Stock, $0.001 par value (the “Non-Voting Common Stock”) based on each share’s percentage of total weighted average shares outstanding. The Voting Common Stock and Non-Voting Common Stock are allocated 10% and 90%, respectively, of our undistributed earnings available to common stockholders. This represents earnings available to common stockholders less the dividends declared for both the Voting Common Stock and Non-Voting Common Stock.

Our undistributed earnings per share is calculated by taking the undistributed earnings available to common stockholders and dividing this number by the weighted average shares outstanding for the respective stock. If there was a dividend declared for that period, the dividend per share is added to the undistributed earnings per share to calculate the basic and diluted earnings per share. The process is used for both Voting Common Stock and Non-Voting Common Stock.

The calculation of basic and diluted earnings per share for the years ending March 31, 2025, 2024 and 2023 for our Voting Common Stock and Non-Voting Common Stock is as follows:


		For the Year Ending
		March 31,
		2025				2024				2023

		(In thousands, except share and per share amounts)

Weighted average shares outstanding of Voting Common Stock			19,607,788				19,607,788				19,607,788
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock			196,077,880				196,077,880				196,077,880
Percent of weighted average shares outstanding of Voting Common Stock			10	%			10	%			10	%

Net earnings available to common stockholders	$		367,090		$		628,707		$		924,472
Voting Common Stock dividends declared and paid			—				—				(19,608	)
Non-Voting Common Stock dividends declared and paid			(35,294	)			(31,765	)			(14,117	)
Undistributed earnings available to common stockholders	$		331,796		$		596,942		$		890,747
Undistributed earnings available to common stockholders allocated to Voting Common Stock	$		33,180		$		59,694		$		89,075

Undistributed earnings per share of Voting Common Stock	$		1.69		$		3.04		$		4.54
Dividends declared per share of Voting Common Stock	$		—		$		—		$		1.00
Basic and diluted earnings per share of Voting Common Stock	$		1.69		$		3.04		$		5.54


Weighted average shares outstanding of Non-Voting Common Stock			176,470,092				176,470,092				176,470,092
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock			196,077,880				196,077,880				196,077,880
Percent of weighted average shares outstanding of Non-Voting Common Stock			90	%			90	%			90	%

Net earnings available to common stockholders	$		367,090		$		628,707		$		924,472
Voting Common Stock dividends declared and paid			—				—				(19,608	)
Non-Voting Common Stock dividends declared and paid			(35,294	)			(31,765	)			(14,117	)
Undistributed earnings available to common stockholders	$		331,796		$		596,942		$		890,747
Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock	$		298,616		$		537,248		$		801,672

Undistributed earnings per share of Non-Voting Common Stock	$		1.69		$		3.04		$		4.54
Dividends declared per share of Non-Voting Common Stock	$		0.20		$		0.18		$		0.08
Basic and diluted earnings per share of Non-Voting Common Stock	$		1.89		$		3.22		$		4.62