Earnings Per Share ("EPS")

9 Months Ended

Dec. 31, 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				Nine months ended
(In U.S. dollars except share data)	December 31, 2024		December 31, 2023		December 31, 2024		December 31, 2023
Numerator:
Net income	$	21,361,828	$	99,972,913	$	82,078,573	$	228,206,715
Denominator:
Basic weighted average number of common shares outstanding		42,574,256		40,350,476		41,995,129		40,202,758
Effect of dilutive restricted stock and restricted stock units		21,067		157,027		118,958		168,376
Diluted weighted average number of common shares outstanding		42,595,323		40,507,503		42,114,087		40,371,134
EPS:
Basic	$	0.50	$	2.48	$	1.95	$	5.68
Diluted	$	0.50	$	2.47	$	1.95	$	5.65

For the three months ended December 31, 2024, there were 188,233 shares of unvested restricted stock excluded from the calculation of diluted EPS because the effect of their inclusion would be anti-dilutive. There were no shares of unvested restricted stock excluded from the calculation of diluted EPS the nine months ended December 31, 2024 and the three and nine months ended December 31, 2023.