Net Income Per Share

6 Months Ended

Sep. 30, 2023

The following table summarizes the computations of basic and diluted net income per share for the three and six months ended September 30, 2023 and 2022 (in thousands, except per share amounts):


	Three months ended September 30,				Six months ended September 30,
	2023		2022		2023		2022
Net income	$	137,117	$	82,091	$	199,844	$	182,927

Shares used in net income per share computation:
Weighted average shares outstanding - basic	157,911		163,186		158,385		163,937
Effect of potentially dilutive equivalent shares	1,023		1,142		1,160		1,434
Weighted average shares outstanding - diluted	158,934		164,328		159,545		165,371

Net income per share:
Basic	$	0.87	$	0.50	$	1.26	$	1.12
Diluted	$	0.86	$	0.50	$	1.25	$	1.11

Share equivalents attributable to outstanding stock options, restricted stock units and employee share purchase plans totaling 1.1 million and 1.7 million for the three months ended September 30, 2023 and 2022, respectively, and 1.6 million and 2.6 million for the six months ended September 30, 2023 and 2022, respectively, were excluded from the calculation of diluted net income per share because their effect would have been anti-dilutive. A small number of performance-based restricted stock units were not included in the dilutive net income per share calculation because all necessary conditions had not been satisfied by the end of the respective period, and those shares were not issuable if the end of the reporting period were the end of the performance contingency period.