COMPUTATION OF EARNINGS (LOSS) PER COMMON SHARE

Basic earnings (loss) per share is calculated by dividing net income associated with common shareholders by the weighted-average number of common shares outstanding during the period. Diluted earnings (loss) per share assumes the issuance of additional shares of common stock by the Company upon exercise of all outstanding stock options and vesting of restricted stock, if the effect is dilutive, in accordance with the treasury stock method or two-class method (whichever is more dilutive). Refer to Note 1, Basis of Presentation, for additional information regarding the Company's computation of earnings (loss) per common share.

The following table sets forth the computation of basic and diluted earnings (loss) per common share for the three and nine months ended December 31, 2016 and 2017:



	Three Months Ended December 31,					Nine Months Ended December 31,
(in thousands, except per share data)	2016		2017			2016		2017
Basic earnings (loss) per common share:
Numerator:
Net income (loss)	$	22,221	$	(49,504	)	$	63,082	$	(10,723	)

Denominator:
Weighted average common shares, basic	32,242		32,075			32,260		32,384
Dilutive effect of employee equity incentive plans	584		—			635		—
Weighted average common shares-diluted	32,826		32,075			32,895		32,384

Basic earnings (loss) per common share	$	0.69	$	(1.54	)	$	1.96	$	(0.33	)
Diluted earnings (loss) per common share	$	0.68	$	(1.54	)	$	1.92	$	(0.33	)

Potentially dilutive securities excluded from diluted earnings (loss) per common share because their effect is anti-dilutive	473		968			573		1,107