Basic and Diluted Shares

12 Months Ended

Mar. 31, 2022

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


	Years Ended March 31,
	2022	2021	2020
Basic	27,508,000	28,055,000	28,385,000
Dilutive effect of equity awards	281,000	351,000	309,000
Diluted	27,789,000	28,406,000	28,694,000

Excluded
RSUs and PSUs	2,000	4,000	3,000
LTIP PSUs	66,000	116,000	153,000
Deferred Non-Employee Director Equity Awards	1,000	1,000	—

Excluded Awards. 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 antidilutive). 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 lower dilutive effect, respectively. Refer to Note 8, “Stock-Based Compensation,” for further information on the Company's equity incentive plans.