Earnings per Share

9 Months Ended

Dec. 31, 2019

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 the Class B units to which the Class B common stock corresponds are exchangeable for shares of Class A common stock on a one-for-one basis, at which time the share of Class B common stock is surrendered in exchange for a payment of its par value.

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:


	Three Months Ended December 31, 2019								Three Months Ended December 31, 2018

	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	$	13,497	29,185,039	$	0.46	$	5,458	25,051,094	$	0.22
Adjustment to net income:
Assumed vesting of employee awards	88					59
Effect of dilutive securities:
Assumed vesting of employee awards			423,167					523,724
Diluted EPS of Class A common stock	$	13,585	29,608,206	$	0.46	$	5,517	25,574,818	$	0.22


	Nine Months Ended December 31, 2019								Nine Months Ended December 31, 2018

	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	$	40,177	27,710,607	$	1.45	$	25,525	23,329,134	$	1.09
Adjustment to net income:
Assumed vesting of employee awards	267					327
Effect of dilutive securities:
Assumed vesting of employee awards			386,988					541,483
Diluted EPS of Class A common stock	$	40,444	28,097,595	$	1.44	$	25,852	23,870,617	$	1.08

The calculations of diluted earnings per share exclude 23,968,994 outstanding Class B and Class C units of HLA for the three and nine months ended December 31, 2019 and 27,819,930 outstanding Class B and Class C units of HLA for the three and nine months ended December 31, 2018, which are exchangeable into Class A common stock under the “if-converted” method, because the inclusion of such shares would be antidilutive.