Earnings Per Share

6 Months Ended

Sep. 30, 2020

The following table sets forth the computation of basic and diluted earnings per share (in thousands):


	Three Months Ended						Six Months Ended
	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
Numerator for basic and diluted earnings per share:
Net income	$	(4,104)	$	16,599	$	(7,073)	$	35,178

Denominators:
Weighted-average common stock outstanding – denominator for basic EPS	23,883		23,631		23,843		23,532
Effect of dilutive employee stock options and other share-based awards	—		295		—		300
Adjusted weighted-average common stock outstanding and assumed conversions – denominator for diluted EPS	23,883		23,926		23,843		23,832

Stock options, restricted stock units, and performance shares with respect to 1,149,000 common shares for the three and six months ended September 30, 2020 were not included in the computation of diluted income per share because they were antidilutive as a result of the Company's net loss. Stock options, restricted stock units, and performance shares with respect to 288,000 common shares for the three and six months ended September 30, 2019 were not included in the computation of diluted loss per share because they were antidilutive. For the three and six months ended September 30, 2019, 70,000 contingently issuable common shares were excluded because a performance condition had not yet been met.

The Company grants share based compensation to eligible participants under the 2016 Long Term Incentive Plan, as Amended and Restated in June 2019 ("2016 LTIP"). The total number of shares of common stock with respect to which awards may be granted under the 2016 LTIP were increased by 2,500,000 as a result of the June 2019 amendment. Shares not previously authorized for issuance under any of the prior stock plans and any shares not issued or subject to outstanding awards under the prior stock plans are still available for issuance.

During the first six months of fiscal 2021, there were 23,000 shares of stock issued upon the exercising of stock options related to the Company’s stock option plans. During the fiscal year ended March 31, 2020, 106,792 shares of restricted stock units vested and were issued.

On October 18, 2020 the Company's Board of Directors declared a dividend of $0.06 per common share. The dividend will be paid on November 16, 2020 to shareholders of record on November 6, 2020. The dividend payment is expected to be approximately $1,440,000.

Refer to the Company’s consolidated financial statements included in its 2020 10-K for further information on its earnings per share and stock plans.