Earnings Per Share ("EPS")

3 Months Ended

Jun. 30, 2020

Earnings Per Share ("EPS")

Earnings Per Share ("EPS")

12. Earnings Per Share (“EPS”)

Basic EPS represents net income 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 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
(In U.S. dollars except share data)	June 30, 2020		June 30, 2019
Numerator:
Net income	$	12,168,005	$	6,075,059
Denominator:
Basic weighted average number of common shares outstanding		50,554,233		54,552,994
Effect of dilutive restricted stock and restricted stock units		125,216		328,332
Diluted weighted average number of common shares outstanding		50,679,449		54,881,326
EPS:
Basic	$	0.24	$	0.11
Diluted	$	0.24	$	0.11

There were no shares of unvested restricted stock, which were excluded from the calculation of diluted EPS because the effect of their inclusion would be anti-dilutive for the three months ended June 30, 2020 and 2019.