Earnings Per Share

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



	Three Months Ended						Nine Months Ended
	December 31, 2018			December 31, 2017				December 31, 2018		December 31, 2017
Numerator for basic and diluted earnings per share:
Net income	$	(782	)	$	(10,565	)		$	22,836	$	13,599

Denominators:
Weighted-average common stock outstanding – denominator for basic EPS	23,348			23,007				23,245		22,778
Effect of dilutive employee stock options and other share-based awards	—			—				402		425
Adjusted weighted-average common stock outstanding and assumed conversions – denominator for diluted EPS	23,348			23,007				23,647		23,203

Stock options, restricted stock units, and performance shares with respect to 1,267,000 common shares for the three months ended December 31, 2018 were not included in the computation of diluted loss per share because they were antidilutive as a result of the Company's net loss attributed to the net loss recorded on held for sale businesses. Stock options and performance shares with respect to 131,000 common shares for the nine months ended December 31, 2018 were not included in the computation of diluted earnings per share because they were antidilutive. Stock options, restricted stock units, and performance shares with respect to 1,393,000 common shares for the three months ended December 31, 2017 were not included in the computation of diluted loss per share because they were antidilutive as a result of the Company's net loss attributed to the enactment of the Tax Cuts and Jobs Act (the Act). For the nine months ended December 31, 2017, 68,000 common shares were excluded because they were antidilutive.

For the three and nine months ended December 31, 2018, an additional 153,000 contingently issuable shares were not included in the computation of diluted earnings per share because a performance condition had not yet been met. For the three and nine months ended December 31, 2017 an additional 127,000 in contingently issuable shares were not included in the computation of diluted earnings per share because a performance condition had not yet been met.

During fiscal 2017, the shareholders of the Company approved the 2016 Long Term Incentive Plan (“2016 LTIP”). The Company grants share based compensation to eligible participants under the 2016 LTIP. The total number of shares of common stock with respect to which awards may be granted under the 2016 LTIP is 2,000,000 including 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.

During the first nine months of fiscal 2019 and 2018, there were 166,000 shares of stock issued upon the exercising of stock options related to the Company’s stock option plans. During the first nine months of fiscal 2019, 142,000 shares of restricted stock units vested and were issued. During the fiscal year ended March 31, 2018, 157,000 shares of restricted stock units vested and were issued.

On January 20, 2019 the Company's Board of Directors declared a dividend of $0.05 per common share. The dividend will be paid on February 11, 2019 to shareholders of record on February 1, 2019. The dividend payment is expected to be approximately $1,170,000.

Refer to the Company’s consolidated financial statements included in its 2018 10-K for further information on its earnings per share and stock plans.