Earnings/(Loss) Per Share (EPS)

9 Months Ended

Dec. 31, 2016

10. Earnings/(Loss) Per Share (“EPS”)

Basic EPS represents net income/(loss) 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/(loss) 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, 2016		December 31, 2015		December 31, 2016		December 31, 2015
Numerator:
Net income/(loss)	$	5,039,624	$	54,661,323	$	(3,397,085)	$	109,527,470
Denominator:
Basic weighted average number of common shares outstanding		53,845,777		56,554,253		54,153,218		56,904,489
Effect of dilutive restricted stock		33,568		40,239		—		47,939
Diluted weighted average number of common shares outstanding		53,879,345		56,594,492		54,153,218		56,952,428
EPS:
Basic	$	0.09	$	0.97	$	(0.06)	$	1.92
Diluted	$	0.09	$	0.97	$	(0.06)	$	1.92

For the three months ended December 31, 2016 and 2015, there were 865,500 and 655,000 shares of unvested restricted stock, respectively, and for the nine months ended December 31, 2016 and 2015, there were 1,114,625 and 655,000 shares of unvested restricted stock, respectively, which were excluded from the calculation of diluted EPS because the effect of their inclusion would be anti-dilutive.