Earnings per Share

6 Months Ended

Sep. 30, 2022

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 September 30, 2022					Three Months Ended September 30, 2021
	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	$	34,881				$	52,145
Impact of changes in carrying amount of redeemable NCI	1,333					(951)
Basic EPS of Class A common stock	$	36,214	37,009,309	$	0.98	51,194		36,217,511	$	1.41
Adjustment to net income:
Assumed vesting of employee awards	17					66
Assumed conversion of Class B and Class C Units	15,825					—
Effect of dilutive securities:
Assumed vesting of employee awards			60,790					125,104
Assumed conversion of Class B and Class C Units			16,675,834					—
Diluted EPS of Class A common stock	$	52,056	53,745,933	$	0.97	$	51,260	36,342,615	$	1.41

	Six Months Ended September 30, 2022					Six Months Ended September 30, 2021
	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	$	68,365				$	80,313
Impact of changes in carrying amount of redeemable NCI	1,713					(951)
Basic EPS of Class A common stock	$	70,078	37,000,150	$	1.89	$	79,362	36,110,885	$	2.20
Adjustment to net income:
Assumed vesting of employee awards	9					52
Assumed conversion of Class B and Class C Units	31,007					—
Effect of dilutive securities:
Assumed vesting of employee awards			48,816					118,872
Assumed conversion of Class B and Class C Units			16,675,834					—
Diluted EPS of Class A common stock	$	101,094	53,724,800	$	1.88	$	79,414	36,229,757	$	2.19

The adjustments to net income for dilutive securities are based upon the additional income that would be allocated to HLI for the change in its ownership percentage due to the dilutive securities and adjusted for the incremental income tax expense related to the additional allocated income. 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.The calculation of diluted earnings per share excludes (1) 528,282 Performance Awards for the three and six months ended September 30, 2022 as the market condition was not achieved as of September 30, 2022 and (2) 16,675,834 outstanding Class B and Class C units of HLA for the three and six months ended September 30, 2021, which are exchangeable into Class A common stock under the “if-converted” method because the inclusion of such shares would be antidilutive.