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Earnings per Share | 9 Months Ended
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Dec. 31, 2023
Earnings Per Share [Abstract] |
Earnings per Share | 12. Earnings per Share 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, 2023 |  | Three Months Ended December 31, 2022
| Net income attributable to Class A Stockholders |  | Weighted-Average Shares |  | Per share amount |  | Net income attributable to Class A Stockholders |  | Weighted-Average Shares |  | Per share amount
Net income attributable to HLI | $ | 19,506 |  |  |  |  |  |  | $ | 9,669 |  |  |  |  |
Impact of changes in carrying amount of redeemable NCI | — |  |  |  |  |  | 2,095 |  |  |  |  |
Basic EPS of Class A common stock | $ | 19,506 |  |  | 37,736,012 |  |  | $ | 0.52 |  |  | $ | 11,764 |  |  | 37,025,416 |  |  | $ | 0.32 |
Adjustment to net income: |  |  |  |  |  |  |  |  |  |  |
Assumed vesting of employee awards | 25 |  |  |  |  |  |  | 5 |  |  |  |  |
Assumed conversion of Class B and Class C Units | 8,232 |  |  |  |  |  |  | 5,058 |  |  |  |  |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |
Assumed vesting of employee awards |  |  | 162,446 |  |  |  |  |  |  | 68,129 |  |  |
Assumed conversion of Class B and Class C Units |  |  | 16,089,097 |  |  |  |  |  | 16,675,834 |  |  |
Diluted EPS of Class A common stock | $ | 27,763 |  |  | 53,987,555 |  |  | $ | 0.51 |  |  | $ | 16,827 |  |  | 53,769,379 |  |  | $ | 0.31 |
| Nine Months Ended December 31, 2023 |  | Nine Months Ended December 31, 2022
| Net income attributable to Class A Stockholders |  | Weighted-Average Shares |  | Per share amount |  | Net income attributable to Class A Stockholders |  | Weighted-Average Shares |  | Per share amount
Net income attributable to HLI | $ | 92,498 |  |  |  |  |  |  | $ | 78,034 |  |  |  |  |
Impact of changes in carrying amount of redeemable NCI | — |  |  |  |  |  |  | 3,809 |  |  |  |  |
Basic EPS of Class A common stock | $ | 92,498 |  |  | 37,720,724 |  |  | $ | 2.45 |  |  | $ | 81,843 |  |  | 37,004,657 |  |  | $ | 2.21 |
Adjustment to net income: |  |  |  |  |  |  |  |  |  |  |
Assumed vesting of employee awards | 88 |  |  |  |  |  |  | 34 |  |  |  |  |
Assumed conversion of Class B and Class C Units | 38,456 |  |  |  |  |  |  | 35,968 |  |  |  |  |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |
Assumed vesting of employee awards |  |  | 122,983 |  |  |  |  |  |  | 53,030 |  |  |
Assumed conversion of Class B and Class C Units |  |  | 16,089,097 |  |  |  |  |  |  | 16,675,834 |  |  |
Diluted EPS of Class A common stock | $ | 131,042 |  |  | 53,932,804 |  |  | $ | 2.43 |  |  | $ | 117,845 |  |  | 53,733,521 |  |  | $ | 2.19 |
The adjustments to net income for dilutive securities are based upon the additional income that would be allocated to HLI for the change in its ownership percentage due to the dilutive securities and adjusted for the incremental income tax expense related to the additional allocated income. Net income (loss) recorded by HLI on a standalone basis will determine if the Class B and Class C units are dilutive or antidilutive in each respective period. The calculation of diluted earnings per share excludes 502,336 and 509,641 weighted-average shares underlying performance awards for the three and nine months ended December 31, 2023, respectively, as the market condition was not achieved as of December 31, 2023.

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