Quarterly report pursuant to Section 13 or 15(d)

Net Income per Common Share

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Net Income per Common Share
 9 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
Net Income per Common Share Net Income per Common Share
The reconciliations of the denominators used to calculate basic and diluted net income per common share for the three and nine months ended December 31, 2023 and 2022, respectively, are as follows:
 Three Months Ended December 31, 2023  Three Months Ended December 31, 2022 Nine Months Ended December 31, 2023 Nine Months Ended December 31, 2022
Basic net income per common share    
Net income $ 15,837  $ 8,425  $ 41,505  $ 25,965 
Weighted-average common shares outstanding 33,703,845  33,493,540  33,946,201  33,457,048 
Basic net income per common share $ 0.47  $ 0.25  $ 1.22  $ 0.78 
Three Months Ended December 31, 2023 Three Months Ended December 31, 2022 Nine Months Ended December 31, 2023 Nine Months Ended December 31, 2022
Diluted net income per common share    
Net income $ 15,837  $ 8,425  $ 41,505  $ 25,965 
Weighted-average common shares outstanding 33,703,845  33,493,540  33,946,201  33,457,048 
Common share equivalents:
Stock options 33,602  7,858  28,156  2,545 
Restricted and performance stock units 464,078  378,335  350,216  296,625 
Weighted average shares outstanding – dilutive (1)
34,201,525  33,879,733  34,324,573  33,756,218 
Diluted net income per common share $ 0.46  $ 0.25  $ 1.21  $ 0.77 
(1) For the three months ended December 31, 2023 and 2022, zero and 28,499, respectively, were not included in the calculation of diluted net income per common share, as they would have had an anti-dilutive effect. For the nine months ended December 31, 2023 and 2022, 1,275 and 39,517 equity awards, respectively, were not included in the calculation of diluted net income per common share, as they would have had an anti-dilutive effect.
The number of common share equivalents, which includes options and both restricted and performance stock units, is computed using the treasury stock method. With regard to the performance stock units, we assume that the associated performance targets will be met at the target level of performance for purposes of calculating diluted net income per common share until such time that it is probable that actual performance will be above or below target.