Basic and Diluted Shares

3 Months Ended

Jun. 30, 2020

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



	Three Months Ended June 30,
	2020	2019
Basic	28,001,000	29,089,000
Dilutive effect of equity awards	—	—
Diluted	28,001,000	29,089,000

Excluded*
Annual RSUs and Annual PSUs	194,000	245,000
LTIP PSUs	153,000	77,000
LTIP NQSOs	299,000	317,000
Deferred Non-Employee Director Equity Awards	5,000	7,000

* The equity awards excluded from the dilutive effect have been 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 (such that inclusion of these equity awards in the calculation would have been anti-dilutive). 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, and may be materially lower than the number of shares presented. Refer to Note 8, “Stock-Based Compensation,” in our 2020 Annual Report for further information on previously granted awards under the Company's equity incentive plans.