NET INCOME (LOSS) PER SHARE

9 Months Ended

Dec. 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):


	Three Months Ended				Nine Months Ended
	December 31,				December 31,
	2020		2019		2020		2019
Numerator:
Net income (loss)	$	29,021	$	36,725	$	7,915	$	(10,090)
Denominator:
Denominator for basic net income (loss) per share - weighted average common shares outstanding	73,492		74,367		72,953		75,780
Dilutive common equivalent shares:

Weighted average restricted stock units	386		333		665		—
Denominator for diluted net income (loss) per share - weighted average shares outstanding	73,878		74,700		73,618		75,780
Net income (loss) per share:
Basic net income (loss) per share	$	0.39	$	0.49	$	0.11	$	(0.13)
Diluted net income (loss) per share	$	0.39	$	0.49	$	0.11	$	(0.13)

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


	Three Months Ended		Nine Months Ended
	December 31,		December 31,
	2020	2019	2020	2019
Restricted stock units	3,169	2,997	3,249	694

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 stock options, 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 stock options and unrecognized compensation expense as additional proceeds. As the Company incurred a net loss during the nine months ended December 31, 2019, all outstanding restricted stock units have an anti-dilutive effect and are therefore excluded from the computation of diluted weighted average shares outstanding.