EARNINGS PER SHARE

6 Months Ended

Sep. 30, 2016

EARNINGS PER SHARE [Abstract]

EARNINGS PER SHARE

9. EARNINGS PER SHARE

Basic earnings per share is calculated by dividing net earnings available to common shareholders by the basic weighted average number of shares of common stock outstanding during each period. Diluted earnings per share is calculated by dividing net earnings available to common shareholders by the basic weighted average number of shares of common stock outstanding plus common stock equivalents during each period.

The following table provides a reconciliation of the numerators and denominators used to calculate basic and diluted net income per common share as disclosed on our consolidated statements of operations for the three and six months ended September 30, 2016 and 2015 (in thousands, except per share data):

	Three Months Ended September 30,				Six Months Ended September 30,
	2016		2015		2016		2015
Net earnings attributable to common shareholders - basic and diluted	$	16,775	$	15,679	$	27,446	$	24,493
Basic and diluted common shares outstanding:
Weighted average common shares outstanding — basic		6,909		7,274		6,971		7,249
Effect of dilutive shares		33		23		56		61
Weighted average shares common outstanding — diluted		6,942		7,297		7,027		7,310
Earnings per common share - basic	$	2.43	$	2.16	$	3.94	$	3.38
Earnings per common share - diluted	$	2.42	$	2.15	$	3.91	$	3.35