EARNINGS PER SHARE
 6 Months Ended
Sep. 30, 2016
EARNINGS PER SHARE [Abstract]  
EARNINGS PER SHARE
9.
EARNINGS PER SHARE

Basic earnings per share is calculated by dividing net earnings available to common shareholders by the basic weighted average number of shares of common stock outstanding during each period. Diluted earnings per share is calculated by dividing net earnings available to common shareholders by the basic weighted average number of shares of common stock outstanding plus common stock equivalents during each period.

The following table provides a reconciliation of the numerators and denominators used to calculate basic and diluted net income per common share as disclosed on our consolidated statements of operations for the three and six months ended September 30, 2016 and 2015 (in thousands, except per share data):

  
Three Months Ended
 September 30,
  
Six Months Ended
September 30,
 
  
2016
  
2015
  
2016
  
2015
 
             
Net earnings attributable to common shareholders - basic and diluted
 
$
16,775
  
$
15,679
  
$
27,446
  
$
24,493
 
                 
Basic and diluted common shares outstanding:
                
                 
Weighted average common shares outstanding — basic
  
6,909
   
7,274
   
6,971
   
7,249
 
Effect of dilutive shares
  
33
   
23
   
56
   
61
 
                 
Weighted average shares common outstanding — diluted
  
6,942
   
7,297
   
7,027
   
7,310
 
                 
Earnings per common share - basic
 
$
2.43
  
$
2.16
  
$
3.94
  
$
3.38
 
                 
Earnings per common share - diluted
 
$
2.42
  
$
2.15
  
$
3.91
  
$
3.35