Earnings Per Share

6 Months Ended

Sep. 30, 2019

Earnings Per Share

The following table presents the computations of basic and diluted EPS:



	Three Months Ended September 30,				Six Months Ended September 30,
	2019		2018		2019		2018
Basic weighted-average shares outstanding for EPS	86,813		85,482		86,558		85,303
Potential common shares:
Dilutive employee stock options	314		130		258		233
Diluted weighted-average shares outstanding for EPS	87,127		85,612		86,816		85,536

Net Income Attributable to Legg Mason, Inc.	$	67,083	$	72,803	$	112,433	$	138,893
Less: Earnings (distributed and undistributed) allocated to participating securities	2,213		2,577		3,711		4,898
Net Income (Distributed and Undistributed) Allocated to Shareholders (Excluding Participating Securities)	$	64,870	$	70,226	$	108,722	$	133,995

Net Income per share Attributable to Legg Mason, Inc. Shareholders
Basic	$	0.75	$	0.82	$	1.26	$	1.57
Diluted	0.74		0.82		1.25		1.57

The weighted-average shares exclude weighted-average unvested restricted shares deemed to be participating securities of 2,973 and 3,156 for the three months ended September 30, 2019 and 2018, respectively, and 2,911 and 3,105 for the six months ended September 30, 2019 and 2018, respectively.

Options to purchase 1,655 and 2,962 shares for the three months ended September 30, 2019 and 2018, respectively, and 2,008 and 2,704 shares for the six months ended September 30, 2019 and 2018, respectively, were not included in the computation of diluted EPS because the presumed proceeds from exercising such options, including the related income tax benefits, exceed the average price of the common shares for the period and, therefore, the options are deemed antidilutive.

Further, market- and performance-based awards, such as those issued to Legg Mason executive officers or those issued in the acquisition of Clarion Partners, are excluded from potential dilution until the designated market or performance condition is met.