Earnings Per Share

3 Months Ended

Jun. 30, 2020

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


	Three Months Ended
	June 30, 2020		June 30, 2019
Numerator for basic and diluted earnings per share:
Net income	$	(2,969)	$	18,579

Denominators:
Weighted-average common stock outstanding – denominator for basic EPS	23,802		23,431
Effect of dilutive employee stock options and other share-based awards	—		346
Adjusted weighted-average common stock outstanding and assumed conversions – denominator for diluted EPS	23,802		23,777

Stock options, restricted stock units, and performance shares with respect to 1,155,000 common shares for the three months ended June 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 292,000 common shares for the three months ended June 30, 2019 were not included in the computation of diluted loss per share because they were antidilutive. For the three months ended June 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 three months of fiscal 2021, there were 11,000 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 July 20, 2020 the Company's Board of Directors declared a dividend of $0.06 per common share. The dividend will be paid on August 17, 2020 to shareholders of record on August 7, 2020. The dividend payment is expected to be approximately $1,435,000.

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.