Earnings Per Share (“EPS”)

9 Months Ended

Dec. 31, 2015

11. 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 are as follows:


	Three months ended				Nine months ended
(In U.S. dollars except share data)	December 31, 2015		December 31, 2014		December 31, 2015		December 31, 2014
Numerator:
Net income	$	54,661,323	$	8,996,605	$	109,527,470	$	16,432,531
Denominator:
Basic weighted average number of common shares outstanding		56,554,253		57,128,493		56,904,489		55,874,505
Effect of dilutive restricted stock		40,239		—		47,939		—
Diluted weighted average number of common shares outstanding		56,594,492		57,128,493		56,952,428		55,874,505
EPS:
Basic	$	0.97	$	0.16	$	1.92	$	0.29
Diluted	$	0.97	$	0.16	$	1.92	$	0.29

For the three months ended December 31, 2015 and December 31, 2014, 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. For the nine months ended December 31, 2015 and December 31, 2014, 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.