NET INCOME PER SHARE

9 Months Ended

Dec. 31, 2021

Calculations of the basic and diluted net income 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,
	2021		2020		2021		2020
Numerator:
Net income	$	47,725	$	29,021	$	44,280	$	7,915
Denominator:
Denominator for basic net income per share - weighted average common shares outstanding	73,898		73,492		74,048		72,953
Dilutive common equivalent shares:

Weighted average restricted stock units and performance-based restricted stock units	1,001		386		928		665
Denominator for diluted net income per share - weighted average shares outstanding	74,899		73,878		74,976		73,618
Net income per share:
Basic net income per share	$	0.65	$	0.39	$	0.60	$	0.11
Diluted net income per share	$	0.64	$	0.39	$	0.59	$	0.11

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


	Three Months Ended		Nine Months Ended
	December 31,		December 31,
	2021	2020	2021	2020
Restricted stock units	26	3,169	1,166	3,249

Basic net income per share is calculated by dividing net income 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 per share is calculated by dividing net income 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.