EARNINGS PER SHARE

12 Months Ended

Mar. 31, 2017

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, 2017 and 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, 2017, 2016 and 2015 (in thousands, except per share data). The numbers of shares and per share amounts for the prior periods presented in the table have been retroactively restated to reflect the stock split. See Note 1 “Organization and Summary of Significant Accounting Policies” and Note 10 “Stockholders’ Equity” in the consolidated financial statements included elsewhere in this report for additional information on the stock split.

	Year Ended March 31,
	2017		2016		2015
Calculation of earnings per common share - basic:
Net earnings	$	50,556	$	44,747	$	45,840
Net earnings attributable to participating securities		-		-		59
Net earnings attributable to common shareholders	$	50,556	$	44,747	$	45,781

Calculation of earnings per common share - diluted:
Net earnings attributable to common shareholders— basic	$	50,556	$	44,747	$	45,781
Add: undistributed earnings attributable to participating securities		-		-		1
Net earnings attributable to common shareholders— diluted	$	50,556	$	44,747	$	45,782

Basic and diluted common shares outstanding:
Weighted average common shares outstanding — basic		13,867		14,513		14,636
Effect of dilutive shares		161		175		150
Weighted average shares common outstanding — diluted		14,028		14,688		14,786

Earnings per common share - basic	$	3.65	$	3.08	$	3.13

Earnings per common share - diluted	$	3.60	$	3.05	$	3.10

There were no unexercised stock options during the years ended March 31, 2017, 2016 and 2015.