EARNINGS PER SHARE

6 Months Ended

Sep. 30, 2019

EARNINGS PER SHARE [Abstract]

EARNINGS PER SHARE

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, 2019 and 2018, respectively (in thousands, except per share data).

	Three Months Ended September 30,				Six Months Ended September 30,
	2019		2018		2019		2018
Net earnings attributable to common shareholders - basic and diluted	$	20,098	$	18,003	$	36,286	$	33,276
Basic and diluted common shares outstanding:
Weighted average common shares outstanding — basic		13,312		13,494		13,334		13,464
Effect of dilutive shares		38		92		74		133
Weighted average shares common outstanding — diluted		13,350		13,586		13,408		13,597
Earnings per common share - basic	$	1.51	$	1.33	$	2.72	$	2.47
Earnings per common share - diluted	$	1.51	$	1.33	$	2.71	$	2.45