EARNINGS (LOSS) PER SHARE AND STOCKHOLDERS’ EQUITY

9 Months Ended

Dec. 31, 2018

EARNINGS (LOSS) PER SHARE AND STOCKHOLDERS' EQUITY:

EARNINGS (LOSS) PER SHARE AND STOCKHOLDERS' EQUITY:

EARNINGS PER SHARE AND STOCKHOLDERS’ EQUITY:

Earnings Per Share

A reconciliation of the numerator and denominator of basic and diluted earnings per share is shown below (in thousands, except per share amounts): 

	For the three months ended				For the nine months ended
	December 31,				December 31,
	2018		2017		2018		2017
Basic earnings per share:
Net earnings (loss) from continuing operations	$	(15,261)	$	2,534	$	(84,259)	$	(50,546)
Earnings from discontinued operations, net of tax	1,071,661		20,407		1,158,267		68,851
Net earnings	$	1,056,400	$	22,941	$	1,074,008	$	18,305
Basic weighted-average shares outstanding	77,398		79,043		77,260		78,983
Continuing operations	$	(0.20)	$	0.03	$	(1.09)	$	(0.64)
Discontinued operations	13.85		0.26		14.99		0.87
Basic earnings per share	$	13.65	$	0.29	$	13.90	$	0.23
Diluted earnings per share:
Basic weighted-average shares outstanding	77,398		79,043		77,260		78,983
Dilutive effect of common stock options, warrants, and restricted stock as computed under the treasury stock method	—		2,826		—		—
Diluted weighted-average shares outstanding	77,398		81,869		77,260		78,983
Continuing operations	$	(0.20)	$	0.03	$	(1.09)	$	(0.64)
Discontinued operations	13.85		0.25		14.99		0.87
Diluted earnings per share	$	13.65	$	0.28	$	13.90	$	0.23

Due to the net loss from continuing operations during the three months ended December 31, 2018, the dilutive effect of options, warrants and restricted stock units covering 3.3 million shares of common stock was excluded from the diluted loss per share calculation since the impact on the calculation was anti-dilutive. Due to the net loss from continuing operations during the nine months ended December 31, 2018 and 2017, respectively, the dilutive effect of options, warrants and restricted stock units covering 3.5 million and 2.6 million shares of common stock, respectively, was excluded from the diluted loss per share calculation since the impact on the calculation was anti-dilutive. 

Additional options, warrants to purchase shares of common stock, and restricted stock units that were outstanding during the periods presented but were not included in the computation of diluted loss per share because the effect was anti-dilutive are shown below (shares in thousands): 

	For the three months ended		For the nine months ended
	December 31,		December 31,
	2018	2017	2018	2017
Number of shares outstanding under options, warrants and restricted stock units plans	22	97	235	89
Range of exercise prices for options	N/A	$32.85	N/A	$32.85

Stockholders’ Equity

On August 29, 2011, the board of directors adopted a common stock repurchase program.  That program was subsequently modified and expanded, most recently on October 25, 2018.  On that date, the board of directors authorized a $500 million increase to the existing common stock repurchase program. Under the modified common stock repurchase program, the Company may purchase up to $1 billion of its common stock through the period ending December 31, 2020.

During the nine months ended December 31, 2018, the Company repurchased 2.3 million shares of its common stock for $64.1 million under the stock repurchase program.  Through December 31, 2018, the Company had repurchased a total of 22.4 million shares of its stock for $438.7 million under the stock repurchase program, leaving remaining capacity of $561.3 million.

On October 25, 2018, the board of directors authorized a Dutch auction tender offer (the "Offer") to purchase shares of its outstanding common stock at an initial aggregate purchase price not to exceed $500 million, plus up to 2% of the Company's outstanding shares of common stock in accordance with the rules and regulations of the SEC. On December 13, 2018, the Company accepted for purchase 11,235,955 shares of its common stock at a price of $44.50 per share, for an aggregate cost of $503.4 million, including fees and expenses. These shares represented approximately 14.2% of the shares outstanding.

Accumulated Other Comprehensive Income

Accumulated other comprehensive income accumulated balances of $7.9 million and $10.8 million at December 31, 2018 and March 31, 2018, respectively, reflect accumulated foreign currency translation adjustments.