EARNINGS PER SHARE

6 Months Ended

Sep. 30, 2015

8. EARNINGS PER SHARE

Basic earnings per share is computed by dividing net earnings attributable to common shares by the weighted average number of common shares outstanding for the period. Diluted net earnings per share include the potential dilution of securities that could participate in our earnings, but not securities that are anti-dilutive. In the past, certain unvested shares of restricted stock awards (“RSAs”) contained non-forfeitable rights to dividends, whether paid or unpaid. As a result, these RSAs were considered participating securities because their holders had the right to participate in earnings with common stockholders. We used the two-class method to allocate net income between common shares and other participating securities for the six months ended September 30, 2014. As of September 30, 2015, we had no unvested shares of RSAs that contained non-forfeitable rights to dividends. We no longer grant RSAs that contain non-forfeitable rights to dividends.

The following table provides a reconciliation of the numerators and denominators used to calculate basic and diluted net earnings per common share for the three and six months ended September 30, 2015 and September 30, 2014 (in thousands, except per share data).

	Three months ended September 30,				Six months ended September 30,
	2015		2014		2015		2014
Basic and diluted common shares outstanding:
Weighted average common shares outstanding — basic		7,274		7,320		7,249		7,412
Effect of dilutive shares		23		25		61		49
Weighted average shares common outstanding — diluted		7,297		7,345		7,310		7,461

Calculation of earnings per common share - basic:
Net earnings	$	15,679	$	11,952	$	24,493	$	21,429
Net earnings attributable to participating securities		-		-		-		55
Net earnings attributable to common shareholders	$	15,679	$	11,952	$	24,493	$	21,374

Earnings per common share - basic	$	2.16	$	1.63	$	3.38	$	2.88

Calculation of earnings per common share - diluted:
Net earnings attributable to common shareholders— basic	$	15,679	$	11,952	$	24,493	$	21,374
Add: undistributed earnings attributable to participating securities		-		-		-		1
Net earnings attributable to common shareholders— diluted	$	15,679	$	11,952	$	24,493	$	21,375

Earnings per common share - diluted	$	2.15	$	1.63	$	3.35	$	2.86

As of September 30, 2015 and 2014, we did not have any unexercised stock options.