11. 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, 2017		December 31, 2016		December 31, 2017		December 31, 2016
Numerator:
Net income/(loss)	$	1,670,415	$	5,039,624	$	(16,934,691)	$	(3,397,085)
Denominator:
Basic weighted average number of common shares outstanding		54,086,431		53,845,777		54,013,164		54,153,218
Effect of dilutive restricted stock		156,516		33,568		—		—
Diluted weighted average number of common shares outstanding		54,242,947		53,879,345		54,013,164		54,153,218
EPS:
Basic	$	0.03	$	0.09	$	(0.31)	$	(0.06)
Diluted	$	0.03	$	0.09	$	(0.31)	$	(0.06)

For the three months ended December 31, 2017 and 2016, there were 436,666 and 865,500 shares of unvested restricted stock, respectively, and for the nine months ended December 31, 2017 and 2016, there were 1,029,266 and 1,114,625 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.