Basic and Diluted Shares

12 Months Ended

Mar. 31, 2020

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



	Years Ended March 31,
	2020	2019	2018
Basic	28,385,000	29,641,000	31,758,000
Dilutive effect of equity awards	309,000	262,000	238,000
Diluted	28,694,000	29,903,000	31,996,000

Excluded*
Annual RSUs and Annual PSUs	3,000	3,000	200
LTIP PSUs	153,000	77,000	—
LTIP NQSOs	—	170,000	397,000
Deferred Non-Employee Director Equity Awards	—	2,000	1,000

*The equity awards excluded from the dilutive effect are generally 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.