Earnings Per Share ("EPS")

6 Months Ended

Sep. 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				Six months ended
(In U.S. dollars except share data)	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Numerator:
Net income	$	9,428,605	$	76,512,665	$	60,716,745	$	128,233,802
Denominator:
Basic weighted average number of common shares outstanding		42,491,949		40,281,518		41,703,983		40,205,425
Effect of dilutive restricted stock and restricted stock units		108,899		123,899		165,226		182,955
Diluted weighted average number of common shares outstanding		42,600,848		40,405,417		41,869,209		40,388,380
EPS:
Basic	$	0.22	$	1.90	$	1.46	$	3.19
Diluted	$	0.22	$	1.89	$	1.45	$	3.18

There were no shares of unvested restricted stock excluded from the calculation of diluted EPS that the effect of their inclusion would be anti-dilutive for the three and six months ended September 30, 2024 and 2023.