Earnings Per Share ("EPS")

3 Months Ended

Jun. 30, 2024

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 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, thus 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 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, 2024		June 30, 2023
Numerator:
Net income	$	51,288,140	$	51,721,137
Denominator:
Basic weighted average number of common shares outstanding		40,905,196		40,137,687
Effect of dilutive restricted stock and restricted stock units		210,471		241,148
Diluted weighted average number of common shares outstanding		41,115,667		40,378,835
EPS:
Basic	$	1.25	$	1.29
Diluted	$	1.25	$	1.28

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 months ended June 30, 2024 and 2023.