Earnings per Share

9 Months Ended

Dec. 31, 2021

Earnings per Share 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 the Class B units to which the Class B common stock corresponds are exchangeable for shares of Class A common stock on a one-for-one basis, at which time the share of Class B common stock is surrendered in exchange for a payment of its par value.

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:


	Three Months Ended December 31, 2021					Three Months Ended December 31, 2020

	Net income attributable to Class A Stockholders		Weighted-Average Shares	Per share amount		Net income attributable to Class A Stockholders		Weighted-Average Shares	Per share amount

Net income attributable to HLI	$	51,849				$	33,203
Impact of changes in carrying amount of redeemable NCI	1,308					—
Basic EPS of Class A common stock	$	53,157	36,902,741	$	1.44	$	33,203	34,478,437	$	0.96
Adjustment to net income:
Assumed vesting of employee awards	66					94
Assumed conversion of Class B and Class C Units	21,946					—
Effect of dilutive securities:
Assumed vesting of employee awards			165,569					272,955
Assumed conversion of Class B and Class C Units			16,675,834					—
Diluted EPS of Class A common stock	$	75,169	53,744,144	$	1.40	$	33,297	34,751,392	$	0.96

	Nine Months Ended December 31, 2021					Nine Months Ended December 31, 2020

	Net income attributable to Class A Stockholders		Weighted-Average Shares	Per share amount		Net income attributable to Class A Stockholders		Weighted-Average Shares	Per share amount
Net income attributable to HLI	$	132,161				$	58,263
Impact of changes in carrying amount of redeemable NCI	358					—
Basic EPS of Class A common stock	$	132,519	36,375,797	$	3.64	$	58,263	32,567,754	$	1.79
Adjustment to net income:
Assumed vesting of employee awards	156					156
Assumed conversion of Class B and Class C Units	60,083					—
Effect of dilutive securities:
Assumed vesting of employee awards			138,902					240,194
Assumed conversion of Class B and Class C Units			17,192,702					—
Diluted EPS of Class A common stock	$	192,758	53,707,401	$	3.59	$	58,419	32,807,948	$	1.78

The calculations of diluted earnings per share exclude 18,912,099 outstanding Class B and Class C units of HLA for the three and nine months ended December 31, 2020, which are exchangeable into Class A common stock under the “if-converted” method, because the inclusion of such shares would be antidilutive. Net income (loss) recorded by HLI on a standalone basis will determine if the Class B and Class C units are dilutive or antidilutive in each respective period.