EARNINGS PER SHARE

12 Months Ended

Mar. 31, 2016

9. 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. Certain unvested shares of restricted stock awards (“RSAs”) contain non-forfeitable rights to dividends, whether paid or unpaid. As a result, these RSAs are considered participating securities because their holders have the right to participate in earnings with common stockholders. We use the two-class method to allocate net income between common shares and other participating securities. As of March 31, 2016, 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 as disclosed in our consolidated statements of operations for the fiscal years ended March 31, 2016, 2015, and 2014 (in thousands, except per share data).

	Year Ended March 31,
	2016		2015		2014
Basic and diluted common shares outstanding:
Weighted average common shares outstanding — basic		7,256		7,318		7,927
Effect of dilutive shares		88		75		72
Weighted average shares common outstanding — diluted		7,344		7,393		7,999

Calculation of earnings per common share - basic:
Net earnings	$	44,747	$	45,840	$	35,273
Net earnings attributable to participating securities		-		59		307
Net earnings attributable to common shareholders	$	44,747	$	45,781	$	34,966

Earnings per common share - basic	$	6.17	$	6.26	$	4.41

Calculation of earnings per common share - diluted:
Net earnings attributable to common shareholders— basic	$	44,747	$	45,781	$	34,966
Add: undistributed earnings attributable to participating securities		-		1		3
Net earnings attributable to common shareholders— diluted	$	44,747	$	45,782	$	34,969

Earnings per common share - diluted	$	6.09	$	6.19	$	4.37

There were no unexercised stock options during the years ended March 31, 2016 and 2015. All unexercised stock options were included in the computations of diluted earnings per common share for the year ended March 31, 2014.