Earnings Per Share ("EPS")

3 Months Ended

Jun. 30, 2021

Earnings Per Share ("EPS")

Earnings Per Share ("EPS")

14. 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, 2021		June 30, 2020
Numerator:
Net income	$	5,869,100	$	12,168,005
Denominator:
Basic weighted average number of common shares outstanding		40,944,845		50,554,233
Effect of dilutive restricted stock and restricted stock units		220,293		125,216
Diluted weighted average number of common shares outstanding		41,165,138		50,679,449
EPS:
Basic	$	0.14	$	0.24
Diluted	$	0.14	$	0.24

No shares of unvested restricted stock were excluded from the calculation of diluted EPS for the three months ended June 30, 2021 and 2020.