Earnings Per Share

6 Months Ended

Sep. 30, 2016

Basic earnings per share is computed based on the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share is computed based on the weighted-average number of shares of common stock outstanding plus the effect of potentially dilutive common shares outstanding during the period using the treasury stock method, which includes stock options and restricted stock units. In loss periods, the assumed exercise of in-the-money stock options and restricted stock units has an anti-dilutive effect, and therefore these instruments are excluded from the computation of diluted earnings per share. The following table sets forth the computation of basic and diluted earnings per share:



	Three Months Ended September 30,				Six Months Ended September 30,
(In thousands, except per share data)	2016		2015		2016		2015
Numerator
Net income	$	32,195	$	31,803	$	26,664	$	57,976

Denominator
Denominator for basic earnings per share — weighted average shares outstanding	52,993		52,803		52,941		52,676
Dilutive effect of unvested restricted stock units and options issued to employees and directors	352		348		388		379
Denominator for diluted earnings per share	53,345		53,151		53,329		53,055

Earnings per Common Share:
Basic net earnings per share	$	0.61	$	0.60	$	0.50	$	1.10

Diluted net earnings per share	$	0.60	$	0.60	$	0.50	$	1.09

For each of the three months ended September 30, 2016 and 2015, there were 0.2 million shares attributable to outstanding stock-based awards that were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive. For each of the six months ended September 30, 2016 and 2015, there were 0.2 million shares attributable to outstanding stock-based awards that were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive.