Earnings per Share

6 Months Ended

Sep. 30, 2019

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, 2019								Three Months Ended September 30, 2018

	Net income attributable to HLI		Weighted-Average Shares	Per share amount		Net income attributable to HLI		Weighted-Average Shares	Per share amount
Basic EPS of Class A common stock	$	15,299	27,229,152	$	0.56	$	11,222	22,671,865	$	0.49
Adjustment to net income:
Assumed vesting of employee awards	110					165
Effect of dilutive securities:
Assumed vesting of employee awards			403,738					585,554
Diluted EPS of Class A common stock	$	15,409	27,632,890	$	0.56	$	11,387	23,257,419	$	0.49


	Six Months Ended September 30, 2019								Six Months Ended September 30, 2018

	Net income attributable to HLI		Weighted-Average Shares	Per share amount		Net income attributable to HLI		Weighted-Average Shares	Per share amount
Basic EPS of Class A common stock	$	26,680	26,969,363	$	0.99	$	20,067	22,461,363	$	0.89
Adjustment to net income:
Assumed vesting of employee awards	181					282
Effect of dilutive securities:
Assumed vesting of employee awards			372,231					554,082
Diluted EPS of Class A common stock	$	26,861	27,341,594	$	0.98	$	20,349	23,015,445	$	0.88

The calculations of diluted earnings per share exclude 23,968,994 outstanding Class B and Class C units of HLA for the three and six months ended September 30, 2019 and 27,819,930 outstanding Class B and Class C units of HLA for the three and six months ended September 30, 2018, which are exchangeable into Class A common stock under the “if-converted” method, because the inclusion of such shares would be antidilutive.