EARNINGS (LOSS) PER SHARE ("EPS")

12 Months Ended

Mar. 31, 2020

EARNINGS PER SHARE ("EPS")

The following table sets forth the computation of basic and diluted EPS (in thousands except per share amounts):


	Fiscal Year Ended March 31,
	2020		2019		2018
Computation of Basic earnings per share:
Net income	$	404,459	$	333,837	$	173,533
Less: net income allocated to participating securities	—		—		(159)
Net income for basic earnings per share calculation	$	404,459	$	333,837	$	173,374
Total weighted average shares outstanding—basic	113,096		113,176		110,210
Less: weighted average participating shares outstanding	—		—		(101)
Weighted average common shares outstanding—basic	113,096		113,176		110,109
Basic earnings per share	$	3.58	$	2.95	$	1.57
Computation of Diluted earnings per share:
Net income	$	404,459	$	333,837	$	173,533
Less: net income allocated to participating securities	—		—		(155)

Net income for diluted earnings per share calculation	$	404,459	$	333,837	$	173,378
Weighted average common shares outstanding—basic	113,096		113,176		110,109
Add: dilutive effect of common stock equivalents	1,040		2,022		2,755
Weighted average common shares outstanding—diluted	114,136		115,198		112,864
Less: weighted average participating shares outstanding	—		—		(101)
Weighted average common shares outstanding- diluted	114,136		115,198		112,763
Diluted earnings per share	$	3.54	$	2.90	$	1.54

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 March 31, 2020, 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 our Convertible Notes (see Note 12 - Debt) 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 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.