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EARNINGS (LOSS) PER SHARE ("EPS")
 3 Months Ended
Jun. 30, 2017
Earnings Per Share [Abstract]  
EARNINGS (LOSS) PER SHARE (EPS)
(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 June 30,
 
2017
 
2016
Computation of Basic earnings (loss) per share:
 

 
 

Net income (loss)
$
60,276

 
$
(38,567
)
Less: net income allocated to participating securities
$
(588
)
 
—

Net income (loss) for basic earnings (loss) per share calculation
$
59,688

 
$
(38,567
)
Total weighted average shares outstanding—basic
105,494

 
84,588

Less: weighted average participating shares outstanding
(1,029
)
 
—

Weighted average common shares outstanding—basic
104,465

 
84,588

Basic earnings (loss) per share
$
0.57

 
$
(0.46
)
Computation of Diluted earnings (loss) per share:
 
 
 
Net income (loss)
$
60,276

 
$
(38,567
)
Less: net income allocated to participating securities
$
(522
)
 
—

Add: interest expense, net of tax, on Convertible Notes
$
5,750

 
—

Net income (loss) for diluted earnings (loss) per share calculation          
$
65,504

 
$
(38,567
)
Weighted average common shares outstanding—basic
105,494

 
84,588

Add: dilutive effect of common stock equivalents
13,288

 
—

Weighted average common shares outstanding—diluted
118,782

 
84,588

Less: weighted average participating shares outstanding
(1,029
)
 
—

Weighted average common shares outstanding- diluted
117,753

 
84,588

Diluted earnings (loss) per share
$
0.56

 
$
(0.46
)


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.
The calculation of EPS for common stock under the two-class method shown above for the three months ended June 30, 2017 excludes income attributable to the participating securities from the numerator and excludes the dilutive effect of those awards from the denominator.
We incurred a net loss for the three months ended June 30, 2016; 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 three months ended June 30, 2016, we had 5,428 of unvested share-based awards that are excluded from the EPS calculation due to the net loss for those periods.
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 three months ended June 30, 2017, 1,868 restricted stock awards vested, and we issued 443 of unvested restricted stock awards and canceled 3 of unvested restricted stock awards.