NET INCOME (LOSS) PER SHARE

12 Months Ended

Mar. 31, 2020

Calculations of the basic and diluted net income (loss) per share and potential common shares are as follows (in thousands, except for per share data):


	Year Ended March 31,
	2020		2019		2018
Numerator:
Net income (loss)	$	(2,754)	$	(73,324)	$	79,812
Denominator:
Denominator for basic net income (loss) per share - weighted average common shares outstanding	75,162		78,617		87,425
Dilutive common equivalent shares:

Weighted average restricted stock units	—		—		836
Denominator for diluted net income (loss) per share - weighted average shares outstanding	75,162		78,617		88,261
Net income (loss) per share:
Basic net income (loss) per share	$	(0.04)	$	(0.93)	$	0.91
Diluted net income (loss) per share	$	(0.04)	$	(0.93)	$	0.90

The following table sets forth restricted stock units excluded from the calculation of diluted net income per share, since their inclusion would be antidilutive (in thousands):


	Year Ended March 31,
	2020	2019	2018
Restricted stock units	675	706	1,450

Basic net income (loss) per share is calculated by dividing net income (loss) by the weighted average number of shares outstanding during the period. Unvested restricted shares, although legally issued and outstanding, are not considered outstanding for purposes of calculating basic earnings per share. Diluted net income (loss) per share is calculated by dividing net income (loss) by the weighted average number of shares outstanding plus the dilutive effect, if any, of outstanding restricted shares and restricted stock units using the treasury stock method. The calculation of the dilutive effect of outstanding equity awards under the treasury stock method includes consideration of proceeds from the assumed exercise of unrecognized compensation expense. As the Company incurred a net loss in the fiscal years ended March 31, 2020 and 2019, all outstanding restricted stock units have an anti-dilutive effect and are therefore excluded from the computation of diluted weighted average share outstanding.

For the fiscal year ended March 31, 2018, the delivery of 7.4 million shares under the Company's accelerated share repurchase (ASR) agreements reduced its outstanding shares used to determine its weighted average common shares outstanding for purposes of calculating basic and diluted earnings per share. See Note 14 for additional information. The Company evaluated the ASR agreements for potential dilutive effects of any shares remaining to be received or owed upon settlement and determined the additional shares to be received would be anti-dilutive, and therefore they were not included in the Company's calculation of diluted earnings per share for the fiscal year ended March 31, 2018.