Earnings Per Share (EPS)

9 Months Ended

Dec. 31, 2021

Earnings Per Share ("EPS")

Earnings Per Share ("EPS")

15. 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				Nine months ended
(In U.S. dollars except share data)	December 31, 2021		December 31, 2020		December 31, 2021		December 31, 2020
Numerator:
Net income	$	16,580,885	$	35,825,264	$	36,551,788	$	48,531,219
Denominator:
Basic weighted average number of common shares outstanding		39,890,674		50,255,908		40,305,902		50,511,473
Effect of dilutive restricted stock and restricted stock units		134,725		112,484		154,763		94,512
Diluted weighted average number of common shares outstanding		40,025,399		50,368,392		40,460,665		50,605,985
EPS:
Basic	$	0.42	$	0.71	$	0.91	$	0.96
Diluted	$	0.41	$	0.71	$	0.90	$	0.96

No shares of unvested restricted stock were excluded from the calculation of diluted EPS for the three and nine months ended December 31, 2021 and 2020.