Basic and Diluted Shares

6 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Basic and Diluted Shares

Basic and Diluted 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,
	2023	2022	2023	2022
Basic	26,031,000	26,517,000	26,098,000	26,646,000
Dilutive effect of equity awards	147,000	165,000	153,000	169,000
Diluted	26,178,000	26,682,000	26,251,000	26,815,000
Excluded
RSUs and PSUs	19,000	45,000	33,000	47,000
LTIP PSUs	117,000	115,000	117,000	115,000
Deferred Non-Employee Director Equity Awards	—	2,000	—	2,000

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 antidilutive; (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.