Earnings Per Share

9 Months Ended

Dec. 31, 2023

8. Earnings per Share

The following data shows the amounts used in computing earnings per share and the effect on earnings and the weighted average number of shares of dilutive potential common shares.


	Three months ended December 31,						Nine months ended December 31,
(In thousands, except per share data)	2023			2022			2023			2022
Numerator:
Net income	$	77,141		$	3,892		$	83,234		$	10,507
Series A convertible preferred stock dividends		(286	)		(459	)		(1,204	)		(1,377	)
Net income attributable to common shareholders	$	76,855		$	3,433		$	82,030		$	9,130

Denominator:
Weighted average shares outstanding - basic		25,808			24,703			25,256			24,651
Dilutive SSARs		920			1,149			951			996
Dilutive unvested restricted shares		223			218			239			133
Dilutive unvested restricted stock units		28			—			17			—
Weighted average shares outstanding - diluted		26,979			26,070			26,463			25,780

Income per share - basic:	$	2.98		$	0.14		$	3.25		$	0.37
Income per share - diluted:	$	2.85		$	0.13		$	3.10		$	0.35

Anti-dilutive SSARs, restricted shares, performance shares and preferred shares		89			1,736			30			1,751

Basic income per share is computed as net income attributable to common shareholders divided by the weighted average basic shares outstanding. The outstanding shares used to calculate the weighted average basic shares excludes 454,336 and 459,306 of restricted shares at December 31, 2023 and 2022, respectively, as these shares were issued but were not vested and therefore, not considered outstanding for purposes of computing basic income per share at the balance sheet dates.

Diluted income per share includes the impact of all potentially dilutive securities on earnings per share. We have stock-settled appreciation rights (SSARs), restricted shares, restricted stock units, and preferred shares that are potentially dilutive securities.