Earnings Per Share

6 Months Ended

Sep. 30, 2015

8.	EARNINGS PER SHARE

On September 30, 2015, 15.6 million CSWI common shares were distributed to Capital Southwest shareholders in connection with the Share Distribution. For comparative purposes, and to provide a more meaningful calculation for weighted average shares, this amount was assumed to be outstanding as of the beginning of each period presented in the calculation of basic weighted average shares. In addition, for the dilutive weighted average share calculations, the dilutive securities outstanding at September 30, 2015 were also assumed to be outstanding at each of the periods presented.

The following table sets forth the reconciliation of the numerator and the denominator of basic and diluted earnings per share for the three and six months ended September 30, 2015 and 2014 (amounts in thousands, except per share data):


	Three Months Ended September 30,
	2015		2014
Numerator:
Net income for basic and diluted earnings per share	$	12,962	$	8,238


Denominator:
Weighted average common shares outstanding, basic		15,583		15,583
Potentially dilutive securities (1)		128		128

Weighted average common shares outstanding, diluted		15,711		15,711


Earnings per common share:
Basic	$	0.83	$	0.53
Diluted		0.83		0.52

	Six Months Ended September 30,
	2015		2014
Numerator:
Net income for basic and diluted earnings per share	$	21,612	$	17,986


Denominator:
Weighted average common shares outstanding, basic		15,583		15,583
Potentially dilutive securities (1)		128		128

Weighted average common shares outstanding, diluted		15,711		15,711


Earnings per common share:
Basic	$	1.39	$	1.15
Diluted		1.38		1.14

(1)	We have excluded 32,877 shares from all periods presented as their effect would have been anti-dilutive.