Earnings per Share

12 Months Ended

Mar. 31, 2021

Basic earnings per share of Class A common stock is computed by dividing net income attributable to HLI by the weighted-average number of shares of Class A common stock outstanding. Diluted earnings per share of Class A common stock is computed by dividing net income attributable to HLI by the weighted-average number of shares of Class A common stock outstanding adjusted to give effect to potentially dilutive securities.

Shares of the Company’s Class B common stock do not share in the earnings or losses attributable to HLI and therefore are not participating securities. As a result, a separate presentation of basic and diluted earnings per share of Class B common stock under the two-class method has not been included. Shares of the Company’s Class B common stock are, however, considered potentially dilutive to the Class A common stock because each share of Class B common stock, together with a corresponding Class B unit, is exchangeable for a share of Class A common stock on a one-for-one basis.

The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted earnings per share of Class A common stock:


	Year Ended March 31,
	2021		2020		2019
Basic net income per share:
Numerator
Net income attributable to HLI	$	98,022	$	60,825	$	33,573
Less: Deemed dividend for the accretion of redeemable non-controlling interest	(4,637)		—		—
Net income attributable to Class A common stockholders - basic	$	93,385	$	60,825	$	33,573
Denominator
Weighted-average shares of Class A common stock outstanding - basic	33,152,318		28,088,578		23,836,401
Basic earnings per share	$	2.82	$	2.17	$	1.41

Diluted earnings per share:
Numerator
Net income attributable to Class A common stockholders - basic	$	93,385	$	60,825	$	33,573
Adjustment to net income:
Assumed vesting of employee awards	229		352		355
Net income attributable to Class A common stockholders - diluted	$	93,614	$	61,177	$	33,928
Denominator
Weighted-average shares of Class A common stock outstanding - basic	33,152,318		28,088,578		23,836,401
Weighted-average effect of dilutive securities:
Assumed vesting of employee awards	210,047		350,194		462,394
Weighted-average shares of Class A common stock outstanding - diluted	33,362,365		28,438,772		24,298,795
Diluted earnings per share	$	2.81	$	2.15	$	1.40

The calculations of diluted earnings per share exclude 17,553,234, 23,968,994, and 26,420,627 outstanding Class B and C units of HLA for the years ended March 31, 2021, 2020 and 2019, respectively, which are exchangeable into Class A common stock under the “if-converted” method, because the inclusion of such shares would be antidilutive.