10. EARNINGS (LOSS) PER SHARE ("EPS")

The following table sets forth the computation of basic and diluted earnings (loss) per share (shares in thousands):

	Three Months Ended September 30,						Six Months Ended September 30,
	2016			2015			2016			2015
Computation of Basic earnings (loss) per share:
Net income (loss)	$	36,432		$	54,735		$	(2,135	)	$	(12,288	)
Less: net income allocated to participating securities		(745	)		(2,320	)		—			—

Net income (loss) for basic earnings (loss) per share calculation	$	35,687		$	52,415		$	(2,135	)	$	(12,288	)


Weighted average common shares outstanding—basic		87,176			87,560			84,990			83,280
Less: weighted average participating shares outstanding		(1,783	)		(3,711	)		—			—

Total weighted average common shares outstanding—basic		85,393			83,849			84,990			83,280


Basic earnings (loss) per share	$	0.42		$	0.63		$	(0.03	)	$	(0.15	)


Computation of Diluted earnings (loss) per share:
Net income (loss)	$	36,432		$	54,735		$	(2,135	)	$	(12,288	)
Less: net income allocated to participating securities		(564	)		(1,782	)		—			—
Add: interest expense, net of tax, on Convertible Notes		8,669			7,994			—			—

Net income (loss) for diluted EPS calculation	$	44,537		$	60,947		$	(2,135	)	$	(12,288	)


Weighted average common shares outstanding—basic		85,393			83,849			84,990			83,280
Add: dilutive effect of common stock equivalents		29,809			30,166			—			—

Weighted average common shares outstanding—diluted		115,202			114,015			84,990			83,280
Less: weighted average participating shares outstanding		(1,783	)		(3,711	)		—			—

Total weighted average common shares outstanding—diluted		113,419			110,304			84,990			83,280


Diluted earnings (loss) per share	$	0.39		$	0.55		$	(0.03	)	$	(0.15	)

We incurred a net loss for the six months ended September 30, 2016 and 2015; therefore, the basic and diluted weighted average shares outstanding exclude the effect of the unvested share-based awards that are considered participating securities and all common stock equivalents because their effect would be antidilutive. For the six months ended September 30, 2016 and 2015, we had 5,172,000 and 3,436,000, respectively, of unvested share-based awards which are excluded from the EPS calculation due to the net loss for those periods.

Certain of our unvested restricted stock awards (including restricted stock units, and time-based and market-based restricted stock awards) are considered participating securities since these securities have non-forfeitable rights to dividends or dividend equivalents during the contractual period of the award, and thus require the two-class method of computing EPS.

We define common stock equivalents as restricted stock awards and common stock related to the Convertible Notes (see Note 9) outstanding during the period. Common stock equivalents are measured using the treasury stock method, except for the Convertible Notes, which are assessed for their effect on diluted EPS using the more dilutive of the treasury stock method or the if-converted method. Under the provisions of the if-converted method, the Convertible Notes are assumed to be converted and included in the denominator of the EPS calculation and the interest expense, net of tax, recorded in connection with the Convertible Notes is added back to the numerator.

During the six months ended September 30, 2016, 2,395,000 restricted stock awards vested, and we issued 915,000 of unvested restricted stock awards and canceled 59,000 of unvested restricted stock awards.