v3.26.1
Earnings per Share
 12 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Earnings per Share
13. Earnings per Share
The following table presents the basic earnings per share (“EPS”) for a share of Class A common stock:
Year Ended March 31,
202620252024
Net income attributable to HLI$249,180 $217,417 $140,858 
Weighted Average Shares41,605,636 39,922,212 37,858,177 
Basic EPS of Class A common stock$5.99 $5.45 $3.72 
Shares of the Company’s Class B common stock do not share in the earnings or losses attributable to HLI, and, therefore, are not participating shares. As a result, a separate presentation of basic and diluted EPS of Class B common stock under the two-class method has not been included. Shares of the Company’s Class B common stock are, however, considered potentially dilutive to the Class A common stock because the Class B units to which the Class B common stock corresponds are exchangeable for shares of Class A common stock
on a one-for-one basis, at which time the share of Class B common stock is surrendered in exchange for a payment of its par value.
The following table presents the diluted EPS for a share of Class A common stock:
Year Ended March 31,
202620252024
Numerator
Net income attributable to Class A common stockholders - basic$249,180 $217,417 $140,858 
Adjustments to net income:
Assumed vesting of employee awards567 544 90 
Assumed conversion of Class B and Class C units72,665 — 58,209 
Net income attributable to Class A common stockholders
$322,412 $217,961 $199,157 
Denominator
Weighted-average shares of Class A common stock outstanding - basic41,605,636 39,922,212 37,858,177 
Assumed vesting of employee awards421,111 385,606 82,742 
Assumed conversion of Class B and Class C units12,442,646 — 15,961,548 
Weighted-average shares of Class A common stock outstanding
54,469,393 40,307,81853,902,467
Diluted EPS of Class A common stock$5.92 $5.41 $3.69 
The adjustments to net income for dilutive shares are based upon the additional income that would be allocated to HLI for the change in its ownership percentage due to the dilutive shares and adjusted for the incremental income tax expense related to the additional allocated income. Net income (loss) recorded by HLI on a standalone basis will determine if the Class B and Class C units are dilutive or antidilutive in each respective period.
The following table presents the weighted-average Performance Awards and the Warrant shares excluded from diluted EPS that would have been antidilutive or for which the market or performance conditions have not been achieved as of the period reported:
Year Ended March 31,
202620252024
Performance Awards
1,346,727774,359528,282
Warrant Shares99,726——
Outstanding Class B and C units of HLA— 14,016,324 —