COMPUTATION OF EARNINGS PER COMMON SHARE

9 Months Ended

Dec. 31, 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 nine month periods ending December 31, 2015 and 2016.

The following table sets forth the computation of basic and diluted earnings per common share for the three and nine months ended December 31, 2015 and 2016:



	Three Months Ended December 31,				Nine Months Ended December 31,
(in thousands, except per share data)	2015		2016		2015		2016
Numerator:
Net income	$	16,288	$	22,221	$	55,412	$	63,082

Denominator:
Weighted average common shares-basic	32,579		32,242		34,723		32,260
Dilutive effect of employee equity incentive plans	680		584		865		635
Weighted average common shares-diluted	33,259		32,826		35,588		32,895

Basic earnings per common share	$	0.50	$	0.69	$	1.60	$	1.96
Diluted earnings per common share	$	0.49	$	0.68	$	1.56	$	1.92

Potentially dilutive securities excluded from diluted earnings per common share because their effect is anti-dilutive	353		473		289		573