Earnings Per Share

9 Months Ended

Dec. 31, 2024

8. Earnings per Share

The following data shows the amounts used in computing earnings per share and the effect on earnings and the weighted average number of shares of dilutive potential common shares.


	Three Months Ended December 31,					Nine Months Ended December 31,
(In thousands, except per share data)	2024		2023			2024		2023
Numerator:
Net income	$	3,830	$	77,141		$	19,300	$	83,234
Series A convertible preferred stock dividends		—		(286	)		—		(1,204	)
Net income attributable to common shareholders	$	3,830	$	76,855		$	19,300	$	82,030

Denominator:
Weighted average shares outstanding - basic		27,667		25,808			27,446		25,256
Dilutive SSARs		399		920			514		951
Dilutive unvested restricted shares		204		223			248		239
Dilutive unvested restricted stock units		44		28			40		17
Weighted average shares outstanding - diluted		28,314		26,979			28,248		26,463

Income per share - basic:	$	0.14	$	2.98		$	0.70	$	3.25
Income per share - diluted:	$	0.14	$	2.85		$	0.68	$	3.10

Anti-dilutive SSARs, restricted shares, performance shares and preferred shares		136		89			136		30

Basic income per share is computed as net income attributable to common shareholders divided by the weighted average basic shares outstanding. The outstanding shares used to calculate the weighted average basic shares excludes 248,704 and 454,336 of restricted shares at December 31, 2024 and 2023, respectively, as these shares were issued but were not vested and therefore, not considered outstanding for purposes of computing basic income per share at the balance sheet dates.

Diluted income per share includes the impact of all potentially dilutive securities on earnings per share. We have stock-settled appreciation rights (SSARs), restricted shares, and restricted stock units that are potentially dilutive securities.