Earnings Per Share ("EPS")

3 Months Ended

Jun. 30, 2015

12. Earnings Per Share (“EPS”)

Basic EPS represents net income attributable to common shareholders divided by the weighted average number of common shares outstanding during the measurement period. Our restricted stock shares include rights to receive dividends that are subject to the risk of forfeiture if service requirements are not satisfied, and as a result, these shares are not considered participating securities and are excluded from the basic weighted-average shares outstanding calculation. Diluted EPS represent net income attributable to common shareholders divided by the weighted average number of common shares outstanding during the measurement period while also giving effect to all potentially dilutive common shares that were outstanding during the period.

The calculations of basic and diluted EPS for the periods presented were as follows:

(In U.S. dollars except share data)	Three months ended June 30, 2015		Three months ended June 30, 2014
Numerator:
Net income	$	13,652,883	$	3,667,249
Denominator:
Weighted average number of common shares outstanding, basic and diluted	57,128,493		53,346,160
EPS:
Basic and diluted	$	0.24	$	0.07

For the three months ended June 30, 2015 and June 30, 2014, there were 929,000 and 655,000 shares of unvested restricted stock, respectively, excluded from the calculation of diluted EPS because the effect of their inclusion would be anti-dilutive.