Earnings Per Share ("EPS")

9 Months Ended

Dec. 31, 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				Nine months ended
(In U.S. dollars except share data)	December 31, 2023		December 31, 2022		December 31, 2023		December 31, 2022
Numerator:
Net income	$	99,972,913	$	51,263,710	$	228,206,715	$	96,422,895
Denominator:
Basic weighted average number of common shares outstanding		40,350,476		40,091,299		40,202,758		40,004,100
Effect of dilutive restricted stock and restricted stock units		157,027		163,475		168,376		174,542
Diluted weighted average number of common shares outstanding		40,507,503		40,254,774		40,371,134		40,178,642
EPS:
Basic	$	2.48	$	1.28	$	5.68	$	2.41
Diluted	$	2.47	$	1.27	$	5.65	$	2.40

There were no 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 nine months ended December 31, 2023 and 2022.