EARNINGS PER SHARE

6 Months Ended

Sep. 30, 2021

EARNINGS PER SHARE [Abstract]

EARNINGS PER SHARE

10. 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, 2021, and 2020, respectively (in thousands, except per share data).

	Three Months Ended September 30,				Six Months Ended September 30,
	2021		2020		2021		2020
Net earnings attributable to common shareholders - basic and diluted	$	31,413	$	19,846	$	54,931	$	37,206
Basic and diluted common shares outstanding:
Weighted average common shares outstanding — basic		13,332		13,372		13,333		13,347
Effect of dilutive shares		100		19		98		47
Weighted average shares common outstanding — diluted		13,432		13,391		13,431		13,394
Earnings per common share - basic	$	2.36	$	1.48	$	4.12	$	2.79
Earnings per common share - diluted	$	2.34	$	1.48	$	4.09	$	2.78

STOCK SPLIT

On November 9, 2021, our Board of Directors declared a two-for-one stock split effected in the form of a stock dividend. The stock split will be in the form of a 100 percent stock dividend payable on December 13, 2021, to shareholders of record at the close of business on November 29, 2021. We expect that our common stock will begin trading at the split-adjusted price on December 14, 2021.

All references made to share or per share amounts in the accompanying unaudited consolidated financial statements and applicable disclosures herein, other than the table immediately below, are presented on a pre-split basis. The following table provides pro forma earnings per share, giving retroactive effect to the stock split (in thousands, except per share data):

	Three Months Ended September 30,				Six Months Ended September 30,
	2021		2020		2021		2020
Earnings per common share:
Basic - pro forma		1.18		0.74		2.06		1.39
Diluted - pro forma		1.17		0.74		2.04		1.39
Weighted average common shares outstanding:
Basic - pro forma		26,664		26,744		26,666		26,694
Diluted - pro forma		26,864		26,782		26,862		26,788

As a result of the stock split, all historical per share data and number of shares outstanding presented in future financial statements will be retroactively adjusted.