EARNINGS PER SHARE

9 Months Ended

Dec. 31, 2021

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 nine months ended December 31, 2021, and 2020, respectively (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 11 “Stockholders’ Equity” in the consolidated financial statements included elsewhere in this report for additional information on the stock split.

	Three Months Ended December 31,				Nine Months Ended December 31,
	2021		2020		2021		2020

Net earnings attributable to common shareholders - basic and diluted	$	26,424	$	21,638	$	81,355	$	58,844

Basic and diluted common shares outstanding:
Weighted average common shares outstanding — basic		26,668		26,664		26,666		26,684
Effect of dilutive shares		262		92		221		120
Weighted average shares common outstanding — diluted		26,930		26,756		26,887		26,804

Earnings per common share - basic	$	0.99	$	0.81	$	3.05	$	2.21

Earnings per common share - diluted	$	0.98	$	0.81	$	3.03	$	2.20