Basic and Diluted Shares

9 Months Ended

Dec. 31, 2020

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


	Three Months Ended December 31,		Nine Months Ended December 31,
	2020	2019	2020	2019
Basic	28,114,000	27,978,000	28,054,000	28,515,000
Dilutive effect of equity awards	296,000	271,000	321,000	317,000
Diluted	28,410,000	28,249,000	28,375,000	28,832,000

Excluded*
Annual RSUs and Annual PSUs	2,000	15,000	11,000	34,000
LTIP PSUs	115,000	153,000	115,000	153,000

Deferred Non-Employee Director Equity Awards	—	1,000	2,000	1,000
Employee Stock Purchase Plan	1,000	—	—	—

*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 or higher than the number of shares presented, which could result in a lesser or more dilutive effect, respectively. 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.