Earnings Per Share

6 Months Ended

Sep. 30, 2015

EARNINGS PER SHARE

Basic earnings per share is calculated by dividing net earnings by the weighted average number of shares of the Company’s common stock outstanding during the period. Outstanding shares consist of issued shares less treasury stock. Diluted earnings per share is calculated by dividing net earnings by the weighted average common shares outstanding adjusted for the dilutive effect of common stock equivalents related to stock options and the Company’s ESPP.

Outstanding stock options that are anti-dilutive are excluded from the Company’s diluted earnings per share computation. There were approximately 3.0 million and 2.0 million shares covered by outstanding stock options that were not dilutive for the three months ended September 30, 2015 and 2014, respectively. There were approximately 2.7 million and 1.8 million shares covered by outstanding stock options that were not dilutive for the six months ended September 30, 2015 and 2014, respectively.

The following table presents the computation of basic and diluted weighted average common shares outstanding for the three and six months ended September 30, 2015 and 2014:



	Three Months Ended		Six Months Ended
	September 30,		September 30,
(In thousands)	2015	2014	2015	2014
Weighted average common shares outstanding:
Basic shares outstanding	73,836	74,561	74,540	74,417
Incremental shares from assumed exercises of stock options and options under the ESPP	796	1,193	857	1,199
Diluted shares outstanding	74,632	75,754	75,397	75,616