Basic and Diluted Shares (Tables)

9 Months Ended

Dec. 31, 2019

Schedule of Weighted Average Number of Shares

The reconciliation of basic to diluted weighted-average common shares outstanding, was as follows:



	Three Months Ended December 31,		Nine Months Ended December 31,
	2019	2018	2019	2018
Basic	27,978,000	29,157,000	28,515,000	29,807,000
Dilutive effect of equity awards	271,000	240,000	317,000	256,000
Diluted	28,249,000	29,397,000	28,832,000	30,063,000

Excluded*
Annual RSUs and Annual PSUs	15,000	1,000	34,000	1,000
LTIP PSUs	153,000	84,000	153,000	84,000
LTIP NQSOs	—	185,000	—	185,000
Deferred Non-Employee Director Equity Awards	1,000	—	1,000	2,000

*The equity awards excluded from the dilutive effect are excluded due to one of the following: (1) the shares were anti-dilutive; (2) the necessary conditions had not been satisfied for the shares to be issuable based on the Company's performance for the relevant performance period; or (3) the Company recorded a net loss during the period presented. The number of shares stated for each of these excluded awards is the maximum number of shares issuable pursuant to these awards. For those awards with performance criteria, the actual number of shares to be issued pursuant to such awards will be based on Company performance in future periods, net of forfeitures. Refer to Note 8, “Stock-Based Compensation,” for further information on the Company's equity incentive plans.