Earnings Per Share ("EPS")

6 Months Ended

Sep. 30, 2023

Earnings Per Share ("EPS"):

Earnings Per Share ("EPS")

13. 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, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Numerator:
Net income	$	76,512,665	$	20,311,465	$	128,233,802	$	45,159,185
Denominator:
Basic weighted average number of common shares outstanding		40,281,518		40,021,368		40,205,425		39,960,262
Effect of dilutive restricted stock and restricted stock units		123,899		137,749		182,955		182,231
Diluted weighted average number of common shares outstanding		40,405,417		40,159,117		40,388,380		40,142,493
EPS:
Basic	$	1.90	$	0.51	$	3.19	$	1.13
Diluted	$	1.89	$	0.51	$	3.18	$	1.12

There were 74,772 and 53,785 shares of unvested restricted stock 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, 2023. There were no shares of unvested restricted stock excluded from the calculation of diluted EPS for the three and six months ended September 30, 2022.