EARNINGS PER SHARE

9 Months Ended

Dec. 31, 2018

The weighted average number of common shares outstanding is reported as the weighted average of the total shares of common stock outstanding, net of shares of common stock held by a wholly owned subsidiary. Shares of common stock owned by the subsidiary were 785 as of December 31, 2018 and 2017. This subsidiary waives its right to receive dividends and it does not have the right to vote these shares.

Certain potentially dilutive options were not included in the computation of earnings per diluted share because their exercise prices were greater than the average market price of the shares of common stock during the period and their effect would be antidilutive. These shares totaled 427 at a weighted average exercise price of $60.00 per share as of December 31, 2018 and 2017. Diluted net loss per share as of December 31, 2018 was the same as basic net loss per share as the effects of potentially dilutive items were antidilutive given the Company’s net loss.

8. EARNINGS PER SHARE (continued)

The following summarizes the computation of earnings per share:


	Three Months Ended December 31,								Nine Months Ended December 31,
(in thousands, except per share data)	2018			2017		2018			2017
Basic (loss) income per share:
Net (loss) income attributable to Pyxus International, Inc.	$	(5,095)		$	88,456	$	(60,487)		$	56,936
Shares:
Weighted average number of shares outstanding	9,068			9,001		9,048			8,982
Basic (loss) income per share	$	(0.56)		$	9.83	$	(6.69)		$	6.34

Diluted (loss) income per share:
Net (loss) income attributable to Pyxus International, Inc.	$	(5,095)		$	88,456	$	(60,487)		$	56,936
Shares:
Weighted average number of shares outstanding	9,068			9,001		9,048			8,982
Plus: Restricted shares issued and shares applicable to stock options and restricted stock units, net of shares assumed to be purchased from proceeds at average market price	—		*	28		—		*	27
Adjusted weighted average number of shares outstanding	9,068			9,029		9,048			9,009
Diluted (loss) income per share	$	(0.56)		$	9.80	$	(6.69)		$	6.32
*All outstanding restricted shares and shares applicable to stock options and restricted stock units are excluded because their inclusion would have an antidilutive effect on the loss per share.

Net income for the three and nine months ended December 31, 2017 were favorably impacted by a net tax benefit of $73.3 million primarily attributable to the impact of the 2017 U.S. Tax Reform Act.