EARNINGS PER SHARE

6 Months Ended

Sep. 30, 2020

11.	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 unaudited consolidated statements of operations for the three and six months ended September 30, 2020, and 2019, respectively (in thousands, except per share data).

	Three Months Ended September 30,				Six Months Ended September 30,
	2020		2019		2020		2019

Net earnings attributable to common shareholders - basic and diluted	$	19,846	$	20,098	$	37,206	$	36,286

Basic and diluted common shares outstanding:
Weighted average common shares outstanding — basic		13,372		13,312		13,347		13,334
Effect of dilutive shares		19		38		47		74
Weighted average shares common outstanding — diluted		13,391		13,350		13,394		13,408

Earnings per common share - basic	$	1.48	$	1.51	$	2.79	$	2.72

Earnings per common share - diluted	$	1.48	$	1.51	$	2.78	$	2.71