Shares and Preferred Shares (Notes)

6 Months Ended

Sep. 30, 2023

10. Shares and Preferred Shares

Ordinary shares

We calculate basic earnings per share based upon the weighted average number of shares outstanding. We calculate diluted earnings per share based upon the weighted average number of shares outstanding plus the dilutive effect of share equivalents calculated using the treasury stock method.

The following is a summary of shares and share equivalents outstanding used in the calculations of basic and diluted earnings per share:


	Three Months Ended September 30,		Six Months Ended September 30,
Denominator (shares in thousands):	2023	2022	2023	2022
Weighted average shares outstanding—basic	98,785	99,969	98,747	100,025
Dilutive effect of share equivalents(1)	621	—	576	—
Weighted average shares outstanding and share equivalents—diluted	99,406	99,969	99,323	100,025

(1) The dilutive effect of share equivalents is excluded from the calculation of diluted earnings per share for the three and six months ended September 30, 2022 due to our net losses for those periods.

Options to purchase the following number of shares were outstanding but excluded from the computation of diluted earnings per share because the combined exercise prices, unamortized fair values, and assumed tax benefits upon exercise were greater than the average market price for the shares during the periods, so including these options would be anti-dilutive:


	Three Months Ended September 30,		Six Months Ended September 30,
(shares in thousands)	2023	2022	2023	2022
Number of share options	625	642	647	467

Additional Authorized Shares

The Company has an additional authorized share capital of 50,000,000 preferred shares of $0.001 par value each, plus 25,000 deferred ordinary shares of €1.00 par value each, in order to satisfy minimum statutory capital requirements for all Irish public limited companies.