EARNINGS PER SHARE

9 Months Ended

Dec. 31, 2016

9.	EARNINGS PER SHARE

Basic earnings per share is calculated by dividing net earnings available to common shareholders by the basic weighted average number of shares of common stock outstanding during each period. Diluted earnings per share is calculated by dividing net earnings available to common shareholders by the basic weighted average number of shares of common stock outstanding plus common stock equivalents during each period.

The following table provides a reconciliation of the numerators and denominators used to calculate basic and diluted net income per common share as disclosed on our consolidated statements of operations for the three and nine months ended December 31, 2016 and 2015 (in thousands, except per share data):

	Three Months Ended December 31,				Nine Months Ended December 31,
	2016		2015		2016		2015

Net earnings attributable to common shareholders - basic and diluted	$	12,620	$	10,297	$	40,066	$	34,790

Basic and diluted common shares outstanding:
Weighted average common shares outstanding — basic		6,896		7,280		6,946		7,260
Effect of dilutive shares		64		49		67		76
Weighted average shares common outstanding — diluted		6,960		7,329		7,013		7,336


Earnings per common share - basic	$	1.83	$	1.41	$	5.77	$	4.79

Earnings per common share - diluted	$	1.81	$	1.40	$	5.71	$	4.74

Stock Split

On February 2, 2017, our Board of Directors declared a two-for-one stock split effected in the form of a stock dividend. The share distribution will occur March 31, 2017. All references made to share or per share amounts in the accompanying unaudited condensed consolidated financial statements and applicable disclosures are presented on a pre-split basis. As a result of the stock split, all historical per share data and number of shares outstanding presented in future financial statements will be retroactively adjusted.

The following table provides pro forma earnings per share, giving retroactive effect to the stock split (in thousands, except per share data):

	Three Months Ended				Nine Months Ended
	2016		2015		2016		2015

Earnings per common share:
Basic — pro forma	$	0.92	$	0.71	$	2.88	$	2.40
Diluted — pro forma	$	0.91	$	0.70	$	2.86	$	2.37

Weighted average common shares outstanding:
Basic — pro forma		13,791		14,561		13,891		14,519
Diluted — pro forma		13,920		14,659		14,026		14,672