NET INCOME PER SHARE

6 Months Ended

Nov. 30, 2023

Net income per share:

NET INCOME PER SHARE

11. NET INCOME PER SHARE

Basic net income per share is determined using the weighted average number of common shares outstanding during the period. Diluted net income per share is determined using the weighted average number of common shares and potential common shares (representing the hypothetical number of incremental shares issuable under the assumed exercise of outstanding stock options, and vesting of outstanding RSUs and ESPP shares) during the period using the treasury stock method. The calculation of dilutive shares outstanding excludes securities that would have an antidilutive effect on net income per share.

The following table presents the computation of basic and diluted net income per share:

	Three Months Ended November 30,				Six Months Ended November 30,
(In thousands, except per share data)	2023		2022		2023		2022
Numerator:
Net income	$	6,089	$	3,725	$	10,763	$	4,314
Denominator:
Basic weighted average shares outstanding		28,801		27,579		28,725		27,410
Dilutive effect of common equivalent shares outstanding		968		1,501		975		1,524
Diluted weighted average shares outstanding		29,769		29,080		29,700		28,934
Net income per share - Basic	$	0.21	$	0.14	$	0.37	$	0.16
Net income per share - Diluted	$	0.20	$	0.13	$	0.36	$	0.15
Antidilutive employee share-based award shares, excluded		9		14		4		14