Earnings/(Loss) Per Share (EPS)

3 Months Ended

Jun. 30, 2016

10. Earnings/(Loss) Per Share (“EPS”)

Basic EPS represents net income/(loss) attributable to common shareholders divided by the weighted average number of common shares outstanding during the measurement period. Our restricted stock shares include rights to receive dividends that are subject to the risk of forfeiture if service requirements are not satisfied, and as a result, these shares are not considered participating securities and are excluded from the basic weighted-average shares outstanding calculation. Diluted EPS represent net income/(loss) attributable to common shareholders divided by the weighted average number of common shares outstanding during the measurement period while also giving effect to all potentially dilutive common shares that were outstanding during the period.

The calculations of basic and diluted EPS for the periods presented are as follows:


	Three months ended
(In U.S. dollars except share data)	June 30, 2016		June 30, 2015
Numerator:
Net income/(loss)	$	(1,291,121)	$	13,652,883
Denominator:
Basic and diluted weighted average number of common shares outstanding		54,740,984		57,128,493
EPS:
Basic and diluted	$	(0.02)	$	0.24

For the three months ended June 30, 2016 and 2015, there were 655,000 and 929,000 shares of unvested restricted stock, respectively, excluded from the calculation of diluted EPS because the effect of their inclusion would be anti-dilutive.