Earnings Per Share

9 Months Ended

Dec. 31, 2019

Basic earnings per share is computed based on income available to common stockholders and the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed based on income available to common stockholders and 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 ("RSUs"). Potential common shares, composed of the incremental common shares issuable upon the exercise of outstanding stock options and nonvested RSUs, are included in the diluted earnings per share calculation to the extent that they are dilutive. In loss periods, the assumed exercise of in-the-money stock options and RSUs 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)	2019		2018		2019		2018
Numerator
Net income	$	38,058	$	38,167	$	105,235	$	103,474

Denominator
Denominator for basic earnings per share — weighted average shares outstanding	50,378		51,881		50,840		52,119
Dilutive effect of nonvested restricted stock units and options issued to employees and directors	453		321		386		312
Denominator for diluted earnings per share	50,831		52,202		51,226		52,431

Earnings per Common Share:
Basic earnings per share	$	0.76	$	0.74	$	2.07	$	1.99

Diluted earnings per share	$	0.75	$	0.73	$	2.05	$	1.97

For the three months ended December 31, 2019 and 2018, there were 0.6 million and 0.4 million shares 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, 2019 and 2018, there were 0.9 million and 0.5 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.