Earnings/(Loss) Per Share ("EPS")

12 Months Ended

Mar. 31, 2021

Earnings/(Loss) Per Share ("EPS")

Earnings/(Loss) Per Share ("EPS")

21. Earnings/(Loss) Per Share (“EPS”)

Basic EPS represents net income/(loss) attributable to common shareholders divided by the weighted average number of common shares outstanding during the measurement period. Our restricted stock shares include rights to receive dividends that are subject to the risk of forfeiture if service requirements are not satisfied, thus these shares are not considered participating securities and are excluded from the basic weighted-average shares outstanding calculation. Diluted EPS represent net income/(loss) attributable to common shareholders divided by the weighted average number of common shares outstanding during the measurement period while also giving effect to all potentially dilutive common shares that were outstanding during the period.

The calculations of basic and diluted EPS for the periods presented were as follows:

	Year ended
(In U.S. dollars except share data)	March 31, 2021		March 31, 2020		March 31, 2019
Numerator:
Net income/(loss)	$	92,564,653	$	111,841,258	$	(50,945,905)
Denominator:
Basic weighted average number of common shares outstanding		49,729,358		53,881,483		54,513,118
Effect of dilutive restricted stock and restricted stock units		97,440		233,855		—
Diluted weighted average number of common shares outstanding		49,826,798		54,115,338		54,513,118
EPS:
Basic	$	1.86	$	2.08	$	(0.93)
Diluted	$	1.86	$	2.07	$	(0.93)

For the year ended March 31, 2019, there were 641,013 shares of unvested restricted stock excluded from the calculation of diluted EPS because the effect of their inclusion would be anti-dilutive. There were no anti-dilutive shares of unvested restricted stock excluded from the calculation of diluted EPS for the years ended March 31, 2021 and 2020.