Earnings Per Share ("EPS")

12 Months Ended

Mar. 31, 2025

Earnings Per Share ("EPS"):

Earnings Per Share ("EPS")

23. 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 represents 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 were as follows:

	Year ended
(In U.S. dollars except share data)	March 31, 2025		March 31, 2024		March 31, 2023
Numerator:
Net income	$	90,170,480	$	307,446,913	$	172,443,930
Denominator:
Basic weighted average number of common shares outstanding		42,134,482		40,275,350		40,026,313
Effect of dilutive restricted stock and restricted stock units		97,871		175,217		185,329
Diluted weighted average number of common shares outstanding		42,232,353		40,450,567		40,211,642
EPS:
Basic	$	2.14	$	7.63	$	4.31
Diluted	$	2.14	$	7.60	$	4.29

There were 1,500 and 4,125 shares of unvested restricted stock excluded from the calculation of diluted EPS because the effect of their inclusion would be anti-dilutive for the years ended March 31, 2025 and 2024 and no shares of unvested restricted stock were excluded from the calculation of diluted EPS because the effect of their inclusion would be anti-dilutive for the year ended March 31, 2023.