| Schedule of antidilutive securities |
Diluted earnings per common share excludes options to purchase shares and restricted stock awards, which were outstanding during the period but were anti-dilutive, as follows: | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Six Months Ended
September 30, | | | | | 2015 | | 2014 | | 2015 | | 2014 | | | Options: | | | | | | | | | | | Outstanding | | 1,292,639 |
| | 298,333 |
| | 592,067 |
| | 300,686 |
| | | Weighted average exercise price | | $ | 61.87 |
| | $ | 62.17 |
| | $ | 68.99 |
| | $ | 62.17 |
| | | Restricted stock awards: | | | | | | | | | | | Outstanding | | 348,182 |
| | 2,313 |
| | 296,205 |
| | 1,150 |
| | | Weighted average price | | $ | 49.79 |
| | $ | 72.98 |
| | $ | 49.22 |
| | $ | 72.98 |
| |
|
| Schedule of earnings per share basic and diluted |
The following table sets forth the computation of basic and diluted earnings per share: | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Six Months Ended
September 30, | | | 2015 | | 2014 | | 2015 | | 2014 | Net income (loss) available to common stockholders (in thousands): | | | | | | | | | Income (loss) available to common stockholders – basic | | $ | (42,329 | ) | | $ | 26,082 |
| | $ | (51,887 | ) | | $ | 70,191 |
| Interest expense on assumed conversion of 3% Convertible Senior Notes, net of tax (1) | | — |
| | — |
| | — |
| | — |
| Income (loss) available to common stockholders – diluted | | $ | (42,329 | ) | | $ | 26,082 |
| | $ | (51,887 | ) | | $ | 70,191 |
| Shares: | | | | | | | | | Weighted average number of common shares outstanding – basic | | 34,921,891 |
| | 35,447,094 |
| | 34,876,010 |
| | 35,495,319 |
| Assumed conversion of 3% Convertible Senior Notes outstanding during the period (1) | | — |
| | — |
| | — |
| | — |
| Net effect of dilutive stock options and restricted stock awards based on the treasury stock method | | — |
| | 234,398 |
| | — |
| | 301,167 |
| Weighted average number of common shares outstanding – diluted | | 34,921,891 |
| | 35,681,492 |
| | 34,876,010 |
| | 35,796,486 |
| | | | | | | | | | Basic earnings (loss) per common share | | $ | (1.21 | ) | | $ | 0.74 |
| | $ | (1.49 | ) | | $ | 1.98 |
| Diluted earnings (loss) per common share | | $ | (1.21 | ) | | $ | 0.73 |
| | $ | (1.49 | ) | | $ | 1.96 |
|
_____________ | | (1) | Diluted earnings per common share for the three months ended September 30, 2015 and 2014 excluded a number of potentially dilutive shares determined pursuant to a specified formula initially issuable upon the conversion of our 3% Convertible Senior Notes. The 3% Convertible Senior Notes were convertible, under certain circumstances, using a net share settlement process, into a combination of cash and our Common Stock. As of September 30, 2015, we had repurchased the $115.0 million principal amount of our 3% Convertible Senior Notes. Prior to the purchase, upon conversion of a note, the holder would have received cash equal to the principal amount of the note and Common Stock to the extent of the note’s conversion value in excess of such principal amount. In addition, if at the time of conversion the applicable price of our Common Stock exceeded the base conversion price, holders would have received additional shares of our Common Stock per $1,000 principal amount of notes, as determined pursuant to a specified formula. Such shares did not impact our calculation of diluted earnings per share for the three and six months ended September 30, 2015 and 2014 as our average stock price during these periods did not meet or exceed the conversion requirements. |
|
| Schedule of accumulated other comprehensive income (loss) |
The following table sets forth the changes in the balances of each component of accumulated other comprehensive income: | | | | | | | | | | | | | | | | Currency Translation Adjustments | | Pension Liability Adjustments (1) | | Total | Balance as of March 31, 2015 | | $ | (39,066 | ) | | $ | (231,263 | ) | | $ | (270,329 | ) | Other comprehensive income before reclassification | | (3,771 | ) | | — |
| | (3,771 | ) | Reclassified from accumulated other comprehensive income | | — |
| | — |
| | — |
| Net current period other comprehensive income | | (3,771 | ) | | — |
| | (3,771 | ) | Foreign exchange rate impact | | 4,074 |
| | (4,074 | ) | | — |
| Balance at September 30, 2015 | | $ | (38,763 | ) | | $ | (235,337 | ) | | $ | (274,100 | ) |
_____________ | | (1) | Reclassification of amounts related to pension liability adjustments are included as a component of net periodic pension cost. |
|