Earnings Per Share

Basic earnings per share is computed based on the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share is computed based on the weighted-average number of shares of common stock outstanding plus the effect of potentially dilutive common shares outstanding during the period using the treasury stock method, which includes stock options and restricted stock units. In loss periods, the assumed exercise of in-the-money stock options and restricted stock units has an anti-dilutive effect, and therefore these instruments are excluded from the computation of diluted earnings per share.

The following table sets forth the computation of basic and diluted earnings per share:



	Three Months Ended December 31,				Nine Months Ended December 31,
(In thousands, except per share data)	2017		2016		2017		2016
Numerator
Net income	$	314,793	$	31,641	$	379,257	$	58,305

Denominator
Denominator for basic earnings per share — weighted average shares outstanding	53,129		52,999		53,089		52,960
Dilutive effect of unvested restricted stock units and options issued to employees and directors	414		360		442		379
Denominator for diluted earnings per share	53,543		53,359		53,531		53,339

Earnings per Common Share:
Basic net earnings per share	$	5.93	$	0.60	$	7.14	$	1.10

Diluted net earnings per share	$	5.88	$	0.59	$	7.08	$	1.09

For the three months ended December 31, 2017 and 2016, there were 0.5 million and 0.2 million shares, respectively, attributable to outstanding stock-based awards that were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive. For the nine months ended December 31, 2017 and 2016, there were 0.4 million and 0.2 million shares, respectively, attributable to outstanding stock-based awards that were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive.