11. Earnings/(Loss) Per Share (“EPS”)

Basic EPS represents net income/(loss) attributable to common shareholders divided by the weighted average number of our 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 our 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				Nine months ended
(In U.S. dollars except share data)	December 31, 2019		December 31, 2018		December 31, 2019		December 31, 2018
Numerator:
Net income/(loss)	$	35,628,912	$	(6,218,652)	$	82,415,867	$	(34,992,330)
Denominator:
Basic weighted average number of common shares outstanding		53,944,991		54,441,203		54,380,855		54,356,060
Effect of dilutive restricted stock and restricted stock units		231,757		—		234,988		—
Diluted weighted average number of common shares outstanding		54,176,748		54,441,203		54,615,843		54,356,060
EPS:
Basic	$	0.66	$	(0.11)	$	1.52	$	(0.64)
Diluted	$	0.66	$	(0.11)	$	1.51	$	(0.64)

For the three and nine months ended December 31, 2018, there were 725,685 shares of unvested restricted stock, which were excluded from the calculation of diluted EPS because the effect of their inclusion would be anti-dilutive. There were no anti-dilutive shares of unvested restricted stock excluded from the calculation of diluted EPS for the three and nine months ended December 31, 2019.