COMPUTATION OF EARNINGS PER COMMON SHARE

6 Months Ended

Sep. 30, 2016

COMPUTATION OF EARNINGS PER COMMON SHARE

The Company has a share-based compensation plan under which employees, non-employee directors, and consultants may be granted share-based awards, including shares of restricted stock on which non-forfeitable dividends are paid on unvested shares. As such, shares of restricted stock are considered participating securities under the two-class method of calculating earnings per share. The two-class method of calculating earnings per share did not have a material impact on the Company's earnings per share calculation for the three and six month periods ending September 30, 2015 and 2016.

The following table sets forth the computation of basic and diluted earnings per common share for the three and six months ended September 30, 2015 and 2016:



	Three Months Ended September 30,				Six Months Ended September 30,
(in thousands, except per share data)	2015		2016		2015		2016
Numerator:
Net income	$	17,896	$	20,474	$	39,124	$	40,861

Denominator:
Weighted average common shares-basic	33,590		32,281		35,796		32,269
Dilutive effect of employee equity incentive plans	655		445		880		596
Weighted average common shares-diluted	34,245		32,726		36,676		32,865

Basic earnings per common share	$	0.53	$	0.63	$	1.09	$	1.27
Diluted earnings per common share	$	0.52	$	0.63	$	1.07	$	1.24

Potentially dilutive securities excluded from diluted earnings per common share because their effect is anti-dilutive	283		543		257		634