EARNINGS PER SHARE

6 Months Ended

Sep. 30, 2022

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, 2022, and 2021, respectively (in thousands, except per share data).

	Three Months Ended September 30,				Six Months Ended September 30,
	2022		2021		2022		2021

Net earnings attributable to common shareholders - basic and diluted	$	28,469	$	31,413	$	50,808	$	54,931

Basic and diluted common shares outstanding:
Weighted average common shares outstanding — basic		26,578		26,664		26,546		26,666
Effect of dilutive shares		45		200		125		196
Weighted average shares common outstanding — diluted		26,623		26,864		26,671		26,862

Earnings per common share - basic	$	1.07	$	1.18	$	1.91	$	2.06

Earnings per common share - diluted	$	1.07	$	1.17	$	1.91	$	2.04