11. Earnings/(Loss) Per Share (“EPS”)

Basic EPS represents net income/(loss) attributable to common shareholders divided by the weighted average number of our 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 our 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				Six months ended
(In U.S. dollars except share data)	September 30, 2019		September 30, 2018		September 30, 2019		September 30, 2018
Numerator:
Net income/(loss)	$	40,711,896	$	(8,177,120)	$	46,786,955	$	(28,773,678)
Denominator:
Basic weighted average number of common shares outstanding		54,646,451		54,431,820		54,599,978		54,313,255
Effect of dilutive restricted stock and restricted stock units		117,183		—		225,205		—
Diluted weighted average number of common shares outstanding		54,763,634		54,431,820		54,825,183		54,313,255
EPS:
Basic	$	0.75	$	(0.15)	$	0.86	$	(0.53)
Diluted	$	0.74	$	(0.15)	$	0.85	$	(0.53)

For the three and six months ended September 30, 2018, there were 725,685 shares of unvested restricted stock, which were excluded from the calculation of diluted EPS because the effect of their inclusion would be anti-dilutive. There were no anti-dilutive shares of unvested restricted stock excluded from the calculation of diluted EPS for the three and six months ended September 30, 2019.