Earnings Per Share

3 Months Ended

Jun. 30, 2019

The following table sets forth the computation of basic and diluted earnings per share (in thousands):



	Three Months Ended
	June 30, 2019		June 30, 2018
Numerator for basic and diluted earnings per share:
Net income	$	18,579	$	7,706

Denominators:
Weighted-average common stock outstanding – denominator for basic EPS	23,431		23,115
Effect of dilutive employee stock options and other share-based awards	346		495
Adjusted weighted-average common stock outstanding and assumed conversions – denominator for diluted EPS	23,777		23,610

Stock options, restricted stock units, and performance shares with respect to 292,000 common shares for the three months ended June 30, 2019 were not included in the computation of diluted income per share because they were antidilutive. There were no such shares excluded for the three months ended June 30, 2018. For the three months ended June 30, 2019, 70,000 contingently issuable common shares were excluded because a performance condition had not yet been met.

During fiscal 2017, the shareholders of the Company approved the 2016 Long Term Incentive Plan (“2016 LTIP”). The Company grants share based compensation to eligible participants under the 2016 LTIP. The total number of shares of common stock with respect to which awards may be granted under the 2016 LTIP is 2,000,000 including shares not previously authorized for issuance under any of the prior stock plans and any shares not issued or subject to outstanding awards under the prior stock plans.

During the first three months of fiscal 2020, there were 101,000 shares of stock issued upon the exercising of stock options related to the Company’s stock option plans. During the fiscal year ended March 31, 2019, 212,000 shares of restricted stock units vested and were issued.

On July 22, 2019 the Company's Board of Directors declared a dividend of $0.06 per common share. The dividend will be paid on August 19, 2019 to shareholders of record on August 9, 2019. The dividend payment is expected to be approximately $1,425,000.

Refer to the Company’s consolidated financial statements included in its 2019 10-K for further information on its earnings per share and stock plans.