Earnings per Share

12 Months Ended

Mar. 31, 2020

Basic earnings per share of Class A common stock is computed by dividing net income attributable to HLI by the weighted-average number of shares of Class A common stock outstanding. Diluted earnings per share of Class A common stock is computed by dividing net income attributable to HLI by the weighted-average number of shares of Class A common stock outstanding adjusted to give effect to potentially dilutive securities.

Shares of the Company’s Class B common stock do not share in the earnings or losses attributable to HLI and therefore are not participating securities. As a result, a separate presentation of basic and diluted earnings per share of Class B common stock under the two-class method has not been included. Shares of the Company’s Class B common stock are, however, considered potentially dilutive to the Class A common stock because each share of Class B common stock, together with a corresponding Class B unit, is exchangeable for a share of Class A common stock on a one-for-one basis.

The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted earnings per share of Class A common stock:


	Year Ended March 31, 2020								Year Ended March 31, 2019
	Net income attributable to HLI		Weighted-Average Shares	Per share amount		Net income attributable to HLI		Weighted-Average Shares	Per share amount
Basic EPS of Class A common stock	$	60,825	28,088,578	$	2.17	$	33,573	23,836,401	$	1.41
Adjustment to net income:
Assumed exercise and vesting of employee awards	352					355
Effect of dilutive securities:
Assumed exercise and vesting of employee awards			350,194					462,394
Diluted EPS of Class A common stock	$	61,177	28,438,772	$	2.15	$	33,928	24,298,795	$	1.40


	Year Ended March 31, 2018
	Net income attributable to HLI		Weighted-Average Shares	Per share amount
Basic EPS of Class A common stock	17,341		18,414,715	$	0.94
Adjustment to net income:
Assumed exercise and vesting of employee awards	356
Effect of dilutive securities:
Assumed exercise and vesting of employee awards			575,654
Diluted EPS of Class A common stock	$	17,697	18,990,369	$	0.93

The calculations of diluted earnings per share exclude 23,968,994, 26,420,627, and 30,603,983 outstanding Class B and C units of HLA for the years ended March 31, 2020, 2019 and 2018, respectively, which are exchangeable into Class A common stock under the “if-converted” method, because the inclusion of such shares would be antidilutive.