Earnings Per Share ("EPS")

6 Months Ended

Sep. 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				Six months ended
(In U.S. dollars except share data)	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
Numerator:
Net income	$	537,950	$	40,711,896	$	12,705,955	$	46,786,955
Denominator:
Basic weighted average number of common shares outstanding		50,711,714		54,646,451		50,632,392		54,599,978
Effect of dilutive restricted stock and restricted stock units		42,793		117,183		83,785		225,205
Diluted weighted average number of common shares outstanding		50,754,507		54,763,634		50,716,177		54,825,183
EPS:
Basic	$	0.01	$	0.75	$	0.25	$	0.86
Diluted	$	0.01	$	0.74	$	0.25	$	0.85

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 and six months ended September 30, 2020 and 2019.