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EARNINGS PER SHARE AND ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)
 3 Months Ended
Jun. 30, 2018
Dividends, Share Repurchases, Earning Per Share and Accumulated Other Comprehensive Income [Abstract]  
Schedule of antidilutive securities excluded from computation of earnings per share
Diluted earnings per common share excludes options to purchase shares and restricted stock awards, which were outstanding during the period but were anti-dilutive, as follows:
 
 
Three Months Ended
 June 30,
 
 
2018
 
2017
Options:
 
 
 
 
Outstanding
 
2,849,429

 
3,040,278

Weighted average exercise price
 
$
35.43

 
$
39.69

Restricted stock awards:
 
 
 
 
Outstanding
 
567,143

 
481,451

Weighted average price
 
$
14.54

 
$
23.40
Schedule of earnings per share, basic and diluted
The following table sets forth the computation of basic and diluted earnings per share:
 
 
Three Months Ended
 June 30,
 
 
2018
 
2017
Loss (in thousands):
 
 
 
 
Loss available to common stockholders – basic
 
$
(32,108
)
 
$
(55,275
)
Interest expense on assumed conversion of 4½% Convertible Senior Notes, net of tax (1)
 
—

 
—

Loss available to common stockholders – diluted
 
$
(32,108
)
 
$
(55,275
)
Shares:
 
 
 
 
Weighted average number of common shares outstanding – basic
 
35,629,741

 
35,227,434

Assumed conversion of 4½% Convertible Senior Notes outstanding during period (1)
 
—

 
—

Net effect of dilutive stock options and restricted stock awards based on the treasury stock method
 
—

 
—

Weighted average number of common shares outstanding – diluted (2)
 
35,629,741

 
35,227,434

 
 
 
 
 
Basic loss per common share
 
$
(0.90
)
 
$
(1.57
)
Diluted loss per common share
 
$
(0.90
)
 
$
(1.57
)

_____________
(1) 
Diluted earnings per common share for three months ended June 30, 2018 excludes a number of potentially dilutive shares determined pursuant to a specified formula initially issuable upon the conversion of our 4½% Convertible Senior Notes. The 4½% Convertible Senior Notes will be convertible, under certain circumstances, into cash, shares of our common stock or a combination of cash and our common stock, at our election. We have initially elected combination settlement. As of June 30, 2018 and March 31, 2018, the base conversion price of the notes was approximately $15.64, based on the base conversion rate of 63.9488 shares of common stock per $1,000 principal amount of convertible notes (subject to adjustment in certain circumstances). In general, upon conversion of a note, the holder will receive cash equal to the principal amount of the note and common stock to the extent of the note’s conversion value in excess of such principal amount. Such shares did not impact our calculation of diluted earnings per share for the three months ended June 30, 2018 as our average stock price during these periods did not meet or exceed the conversion requirements.
(2) 
Potentially dilutive shares issuable pursuant to our warrant transactions entered into concurrently with the issuance of our 4½% Convertible Senior Notes (the “Warrant Transactions”) were not included in the computation of diluted income per share for the three months ended June 30, 2018, because to do so would have been anti-dilutive. For further details on the Warrant Transactions, see Note 4 in our fiscal year 2018 Financial Statements.
Schedule of accumulated other comprehensive income (loss)
The following table sets forth the changes in the balances of each component of accumulated other comprehensive loss (in thousands):
 
 
Currency Translation Adjustments
 
Pension Liability Adjustments (1)
 
Unrealized gain (loss) on cash flow hedges (2)
 
Total
Balance as of March 31, 2018
 
$
(79,066
)
 
$
(206,682
)
 
$
(346
)
 
$
(286,094
)
Other comprehensive income before reclassification
 
(29,172
)
 
—

 
2,962

 
(26,210
)
Reclassified from accumulated other comprehensive income
 
—

 
—

 
(1,614
)
 
(1,614
)
Net current period other comprehensive income
 
(29,172
)
 
—

 
1,348

 
(27,824
)
Foreign exchange rate impact
 
(14,025
)
 
14,025

 
—

 
—

Balance as of June 30, 2018
 
$
(122,263
)
 
$
(192,657
)
 
$
1,002

 
$
(313,918
)

_____________ 
(1) 
Reclassification of amounts related to pension liability adjustments are included as a component of net periodic pension cost.
(2) 
Reclassification of amounts related to cash flow hedges were included as direct costs.