EARNINGS PER SHARE ("EPS")

The following table sets forth the computation of basic and diluted earnings per share:



	Three Months Ended December 31,					Nine Months Ended December 31,
	2018		2017			2018		2017
Computation of Basic earnings per share:
Net income	$	179,948	$	25,140		$	277,007	$	82,680
Less: net income allocated to participating securities	—		(62		)	—		(211		)
Net income for basic earnings per share calculation	$	179,948	$	25,078		$	277,007	$	82,469

Total weighted average shares outstanding—basic	113,433		113,991			113,390		109,010
Less: weighted average participating shares outstanding	—		(279		)	—		(278		)
Weighted average common shares outstanding—basic	113,433		113,712			113,390		108,732

Basic earnings per share	$	1.59	$	0.22		$	2.44	$	0.76

Computation of Diluted earnings per share:
Net income	$	179,948	$	25,140		$	277,007	$	82,680
Less: net income allocated to participating securities	—		(59		)	—		(206		)
Net income for diluted earnings per share calculation	$	179,948	$	25,081		$	277,007	$	82,474

Weighted average common shares outstanding—basic	113,433		113,712			113,390		108,732
Add: dilutive effect of common stock equivalents	1,304		4,206			1,528		2,708
Weighted average common shares outstanding—diluted	114,737		117,918			114,918		111,440
Less: weighted average participating shares outstanding	—		(279		)	—		(278		)
Weighted average common shares outstanding- diluted	114,737		117,639			114,918		$	111,162

Diluted earnings per share	$	1.57	$	0.21		$	2.41	$	0.74

Certain of our unvested stock-based awards (including restricted stock units and 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 requires the two-class method of computing EPS. As of December 31, 2018, we have no material participating securities.

The calculation of EPS for common stock under the two-class method shown above excludes income attributable to the participating securities from the numerator and excludes the dilutive effect of those awards from the denominator.

We define common stock equivalents as stock-based awards and common stock related to the 1.00% Convertible Notes (see Note 10) outstanding during the period. Common stock equivalents are measured using the treasury stock method, except for the Convertible Notes, which were 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 1.00% 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 nine months ended December 31, 2018, 2,068 restricted stock awards vested, we granted 1,715 unvested restricted stock awards, and 444 unvested restricted stock awards were forfeited. The forfeiture of awards resulted in a reversal of expense of $5,498 and amounts capitalized as software development costs of $14,686.