Earnings/(Loss) Per Share (EPS)

6 Months Ended

Sep. 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				Six months ended
(In U.S. dollars except share data)	September 30, 2016		September 30, 2015		September 30, 2016		September 30, 2015
Numerator:
Net income/(loss)	$	(7,145,588)	$	41,213,264	$	(8,436,709)	$	54,866,147
Denominator:
Basic weighted average number of common shares outstanding		53,879,282		57,033,156		54,307,779		57,080,564
Effect of dilutive restricted stock		—		49,040		—		55,932
Diluted weighted average number of common shares outstanding		53,879,282		57,082,196		54,307,779		57,136,496
EPS:
Basic	$	(0.13)	$	0.72	$	(0.16)	$	0.96
Diluted	$	(0.13)	$	0.72	$	(0.16)	$	0.96

For the three months ended September 30, 2016 and 2015, there were 1,115,000 and 655,000 shares of unvested restricted stock, respectively, and for the six months ended September 30, 2016 and 2015, there were 1,115,000 and 655,000 shares of unvested restricted stock, respectively, which were excluded from the calculation of diluted EPS because the effect of their inclusion would be anti-dilutive.