Earnings Per Share

12 Months Ended

Mar. 31, 2016

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 1.9 million, 1.7 million and 1.5 million shares covered by outstanding stock options that were not dilutive for the years ended March 31, 2016, 2015 and 2014, respectively.

The table below presents the computation of basic and diluted weighted average common shares outstanding for the years ended March 31, 2016, 2015 and 2014:



(In thousands, except per share amounts)	Years Ended March 31,
Basic Earnings per Share Computation	2016		2015		2014
Numerator:
Net earnings	$	337,500	$	368,086	$	350,784
Denominator:
Basic shares outstanding	73,422		74,702		73,623
Basic earnings per share	$	4.60	$	4.93	$	4.76

(In thousands, except per share amounts)	Years Ended March 31,
Diluted Earnings per Share Computation	2016		2015		2014
Numerator:
Net earnings	$	337,500	$	368,086	$	350,784
Denominator:
Basic shares outstanding	73,422		74,702		73,623
Incremental shares from assumed exercises and conversions:
Stock options and options under the Employee Stock Purchase Plan	955		1,149		1,287
Diluted shares outstanding	74,377		75,851		74,910
Diluted earnings per share	$	4.54	$	4.85	$	4.68