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Earnings (Loss) Per Share (EPS)
 6 Months Ended
Sep. 30, 2022
Earnings/(Loss) Per Share ("EPS")  
Earnings Per Share ("EPS")

14. Earnings Per Share (“EPS”)

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Basic EPS represents net income 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 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.

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

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Three months ended

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Six months ended

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(In U.S. dollars except share data)

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September 30, 2022

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September 30, 2021

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September 30, 2022

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September 30, 2021

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Numerator:

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Net income

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$

20,311,465

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$

14,101,803

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$

45,159,185

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$

19,970,903

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Denominator:

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Basic weighted average number of common shares outstanding

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40,021,368

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40,011,505

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39,960,262

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40,475,625

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Effect of dilutive restricted stock and restricted stock units

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137,749

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103,437

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182,231

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163,448

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Diluted weighted average number of common shares outstanding

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40,159,117

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40,114,942

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40,142,493

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40,639,073

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EPS:

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Basic

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$

0.51

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$

0.35

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$

1.13

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$

0.49

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Diluted

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$

0.51

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$

0.35

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$

1.12

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$

0.49

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For the three months ended September 30, 2022, there were 34,579 shares of unvested restricted stock excluded from the calculation of diluted EPS because the effect of their inclusion would be anti-dilutive. No shares of unvested restricted stock were excluded from the calculation of diluted EPS for the six months ended September 30, 2022 and the three and six months ended September 30, 2021.