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Earnings Per Share
 9 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
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, restricted stock units ("RSUs") and performance stock units ("PSUs"). Potential common shares, composed of the incremental common shares issuable upon the exercise of outstanding stock options and unvested 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)2022202120222021
Numerator
Net income $51,951 $50,215 $158,246 $153,295 
   
Denominator  
Denominator for basic earnings per share — weighted average shares outstanding49,693 50,303 49,919 50,225 
Dilutive effect of unvested restricted stock units and options issued to employees and directors493 632 473 574 
Denominator for diluted earnings per share50,186 50,935 50,392 50,799 
   
Earnings per Common Share:  
Basic earnings per share$1.05 $1.00 $3.17 $3.05 
   
Diluted earnings per share$1.04 $0.99 $3.14 $3.02 
For the three months ended December 31, 2022 and 2021, there were 0.2 million shares and a nominal amount of 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, 2022 and 2021, there were 0.4 million shares and 0.1 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.