Earnings Per Share

9 Months Ended

Dec. 31, 2015

EARNINGS PER SHARE

Basic earnings per share is calculated by dividing net earnings by the weighted average number of shares of the Company’s common stock outstanding during the period. Outstanding shares consist of issued shares less treasury stock. Diluted earnings per share is calculated by dividing net earnings by the weighted average common shares outstanding adjusted for the dilutive effect of common stock equivalents related to stock options and the Company’s ESPP.

Outstanding stock options that are anti-dilutive are excluded from the Company’s diluted earnings per share computation. There were approximately 1.7 million and 1.8 million shares covered by outstanding stock options that were not dilutive for the three months ended December 31, 2015 and 2014, respectively. There were approximately 2.1 million and 1.8 million shares covered by outstanding stock options that were not dilutive for the nine months ended December 31, 2015 and 2014, respectively.

The following table presents the computation of basic and diluted weighted average common shares outstanding for the three and nine months ended December 31, 2015 and 2014:



	Three Months Ended		Nine Months Ended
	December 31,		December 31,
(In thousands)	2015	2014	2015	2014
Weighted average common shares outstanding:
Basic shares outstanding	72,127	74,767	73,732	74,534
Incremental shares from assumed exercises of stock options and options under the ESPP	985	1,187	871	1,187
Diluted shares outstanding	73,112	75,954	74,603	75,721