Basic and Diluted Shares

12 Months Ended

Mar. 31, 2026

Basic and Diluted Shares

The reconciliation of basic to diluted weighted-average common shares outstanding was as follows:


	Years Ended March 31,
	2026	2025	2024
Basic	145,498	151,992	155,225
Dilutive effect of equity awards	307	678	1,060
Diluted	145,805	152,670	156,285

Excluded
RSUs	77	9	16
LTIP PSUs	254	155	291
Deferred Non-Employee Director Equity Awards	5	2	3
Employee Stock Purchase Plan	3	—	—

Excluded Awards. The equity awards excluded from the calculation of the dilutive effect may be excluded due to

one of the following: (1) the shares were antidilutive or (2) the necessary conditions had not been satisfied for the

shares to be deemed issuable based on the Company’s performance for the relevant performance period. The

number of shares stated for each of these excluded awards is the maximum number of shares issuable pursuant to

these awards. For those awards subject to the achievement of performance criteria, the actual number of shares to

be issued pursuant to such awards will be based on Company performance in future periods, net of forfeitures, and

may be materially lower than the number of shares presented, which could result in a lower dilutive effect. Refer to

Note 9, “Stock-Based Compensation,” for further information on the Company’s equity incentive plans.