NET INCOME (LOSS) PER SHARE

6 Months Ended

Sep. 30, 2021

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				Six Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Numerator:
Net income (loss)	$	7,896	$	(3,686)	$	(3,445)	$	(21,106)
Denominator:
Denominator for basic net income (loss) per share - weighted average common shares outstanding	74,382		73,058		74,122		72,682
Dilutive common equivalent shares:

Weighted average restricted stock units and performance-based restricted stock units	711		—		—		—
Denominator for diluted net income (loss) per share - weighted average shares outstanding	75,093		73,058		74,122		72,682
Net income (loss) per share:
Basic net income (loss) per share	$	0.11	$	(0.05)	$	(0.05)	$	(0.29)
Diluted net income (loss) per share	$	0.11	$	(0.05)	$	(0.05)	$	(0.29)

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		Six Months Ended
	September 30,		September 30,
	2021	2020	2021	2020
Restricted stock units	1,845	536	990	839

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 three months ended September 30, 2020 and during the six months ended September 30, 2021 and 2020, all outstanding restricted stock units and performance-based restricted stock units have an anti-dilutive effect and are therefore excluded from the computation of diluted weighted average shares outstanding.