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, 2017 and 2016 (in thousands, except per share data).

	Three Months Ended September 30,				Six Months Ended September 30,
	2017		2016		2017		2016

Net earnings attributable to common shareholders - basic and diluted	$	17,221	$	16,775	$	30,644	$	27,446

Basic and diluted common shares outstanding:
Weighted average common shares outstanding — basic		13,879		13,818		13,843		13,941
Effect of dilutive shares		129		66		178		114
Weighted average shares common outstanding — diluted		14,008		13,884		14,021		14,055

Earnings per common share - basic	$	1.24	$	1.21	$	2.21	$	1.97

Earnings per common share - diluted	$	1.23	$	1.21	$	2.19	$	1.95