Earnings Per Share

3 Months Ended

Jun. 30, 2023

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 June 30,
(In thousands, except per share data)		2023		2022
Numerator
Net income		$	53,276	$	55,272

Denominator
Denominator for basic earnings per share — weighted average shares outstanding		49,767		50,264
Dilutive effect of unvested restricted stock units and options issued to employees and directors		429		466
Denominator for diluted earnings per share		50,196		50,730

Earnings per Common Share:
Basic earnings per share		$	1.07	$	1.10

Diluted earnings per share		$	1.06	$	1.09

For both the three months ended June 30, 2023 and 2022, there were 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.