Basic and Diluted Shares (Tables)

6 Months Ended

Sep. 30, 2020

Schedule of Weighted Average Number of Shares

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



	Three Months Ended September 30,		Six Months Ended September 30,
	2020	2019	2020	2019
Basic	28,046,000	28,483,000	28,024,000	28,785,000
Dilutive effect of equity awards	289,000	222,000	290,000	254,000
Diluted	28,335,000	28,705,000	28,314,000	29,039,000

Excluded*
Annual RSUs and Annual PSUs	—	54,000	23,000	52,000
LTIP PSUs	153,000	153,000	153,000	153,000
LTIP NQSOs	—	170,000	—	170,000
Deferred Non-Employee Director Equity Awards	—	—	3,000	—

* The equity awards excluded from the calculation of 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 deemed 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 subject to the achievement of 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 (which could result in a lesser dilutive effect). 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.