EARNINGS PER SHARE

9 Months Ended

Dec. 31, 2019

EARNINGS PER SHARE [Abstract]

EARNINGS PER SHARE

11. 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 unaudited consolidated statements of operations for the three and nine months ended December 31, 2019 and 2018, respectively (in thousands, except per share data).

	Three Months Ended December 31,				Nine Months Ended December 31,
	2019		2018		2019		2018
Net earnings attributable to common shareholders - basic and diluted	$	19,550	$	14,864	$	55,836	$	48,140
Basic and diluted common shares outstanding:
Weighted average common shares outstanding — basic		13,320		13,471		13,329		13,467
Effect of dilutive shares		58		73		81		125
Weighted average shares common outstanding — diluted		13,378		13,544		13,410		13,592
Earnings per common share - basic	$	1.47	$	1.10	$	4.19	$	3.57
Earnings per common share - diluted	$	1.46	$	1.10	$	4.16	$	3.54