Earnings Per Share (EPS)

12 Months Ended

Mar. 31, 2016

23. 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, thus 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:


	Year ended		Year ended			July 1, 2013 (inception)
(In U.S. dollars except share data)	March 31, 2016		March 31, 2015		March 31, 2014
Numerator:
Net income	$	129,688,382	$	25,260,782	$	2,833,843
Denominator:
Basic weighted average number of common shares outstanding		56,657,570		56,183,707		32,075,897
Effect of dilutive restricted stock		49,524		—		—
Diluted weighted average number of common shares outstanding		56,707,094		56,183,707		32,075,897
EPS:
Basic	$	2.29	$	0.45	$	0.09
Diluted	$	2.29	$	0.45	$	0.09

For the year ended March 31, 2016, there were 655,000 shares of unvested restricted stock excluded from the calculation of diluted EPS because the effect of their inclusion would be anti-dilutive. There were no shares of unvested restricted stock excluded from the calculation of diluted EPS for the year ended March 31, 2015 or for the period ended March 31, 2014.