Earnings/(Loss) Per Share (EPS)

12 Months Ended

Mar. 31, 2017

22. 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, thus 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 were as follows:


	Year ended
(In U.S. dollars except share data)	March 31, 2017		March 31, 2016		March 31, 2015
Numerator:
Net income/(loss)	$	(1,441,815)	$	129,688,382	$	25,260,782
Denominator:
Basic weighted average number of common shares outstanding		54,079,139		56,657,570		56,183,707
Effect of dilutive restricted stock		—		49,524		—
Diluted weighted average number of common shares outstanding		54,079,139		56,707,094		56,183,707
EPS:
Basic	$	(0.03)	$	2.29	$	0.45
Diluted	$	(0.03)	$	2.29	$	0.45

For each of the years ended March 31, 2017 and 2016, there were 1,114,625 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. There were no shares of unvested restricted stock excluded from the calculation of diluted EPS for the year ended March 31, 2015.