Earnings Per Share

9 Months Ended

Dec. 31, 2019

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



	Three Months Ended					Nine Months Ended
	December 31, 2019		December 31, 2018				December 31, 2019		December 31, 2018
Numerator for basic and diluted earnings per share:
Net income	$	15,250	$	(782	)		$	50,428	$	22,836

Denominators:
Weighted-average common stock outstanding – denominator for basic EPS	23,679		23,348				23,581		23,245
Effect of dilutive employee stock options and other share-based awards	352		—				344		402
Adjusted weighted-average common stock outstanding and assumed conversions – denominator for diluted EPS	24,031		23,348				23,925		23,647

Stock options, restricted stock units, and performance shares with respect to 234,000 common shares for the three and nine months ended December 31, 2019 were not included in the computation of diluted income per share because they were antidilutive. Stock options, restricted stock units, and performance shares with respect to 1,267,000 common shares for the three months ended December 31, 2018 were not included in the computation of diluted loss per share because they were antidilutive as a result of the Company's net loss attributed to the net loss recorded on held for sale businesses. Stock options and performance shares with respect to 131,000 common shares for the nine months ended December 31, 2018, were not included in the computation of diluted income per share because they were antidilutive. For the three and nine months ended December 31, 2019, 70,000 contingently issuable common shares were excluded because a performance condition had not yet been met.

The Company grants share based compensation to eligible participants under the 2016 Long Term Incentive Plan, as Amended and Restated in June 2019 ("2016 LTIP"). The total number of shares of common stock with respect to which awards may be granted under the 2016 LTIP were increased by 2,500,000 as a result of the June 2019 amendment. 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 are still available for issuance.

On December 11, 2019 the Company announced the Chief Executive Officer's ("CEO") intention to resign from his position as President, CEO, and Director effective January 10, 2020. During the quarter ended December 31, 2019 the Company reversed $1,981,000 in stock compensation expense for shares that were forfeited upon the CEO's resignation on January 10, 2020. The amount was recorded as a reduction of General and administrative expenses.

During the first nine months of fiscal 2020, there were 236,000 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 January 20, 2020 the Company's Board of Directors declared a dividend of $0.06 per common share. The dividend will be paid on February 18, 2020 to shareholders of record on February 7, 2020. 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.