EARNINGS PER SHARE

9 Months Ended

Dec. 31, 2020

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, 2020, and 2019, respectively (in thousands, except per share data).

	Three Months Ended December 31,				Nine Months Ended December 31,
	2020		2019		2020		2019

Net earnings attributable to common shareholders - basic and diluted	$	21,638	$	19,550	$	58,844	$	55,836

Basic and diluted common shares outstanding:
Weighted average common shares outstanding — basic		13,332		13,320		13,342		13,329
Effect of dilutive shares		46		58		60		81
Weighted average shares common outstanding — diluted		13,378		13,378		13,402		13,410

Earnings per common share - basic	$	1.62	$	1.47	$	4.41	$	4.19

Earnings per common share - diluted	$	1.62	$	1.46	$	4.39	$	4.16