NET INCOME (LOSS) PER SHARE

12 Months Ended

Mar. 31, 2022

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):


	Fiscal Year Ended March 31,
	2022		2021		2020
Numerator:
Net income (loss)	$	35,874	$	19,352	$	(2,754)
Denominator:
Denominator for basic net income (loss) per share - weighted average common shares outstanding	74,019		73,103		75,162
Dilutive common equivalent shares:

Weighted average restricted stock units and performance-based restricted stock units	1,065		719		—
Denominator for diluted net income (loss) per share - weighted average shares outstanding	75,084		73,822		75,162
Net income (loss) per share:
Basic net income (loss) per share	$	0.48	$	0.26	$	(0.04)
Diluted net income (loss) per share	$	0.48	$	0.26	$	(0.04)

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):


	Fiscal Year Ended March 31,
	2022	2021	2020
Restricted stock units	1,222	2,864	675

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 year ended March 31, 2020, all outstanding restricted stock units have an anti-dilutive effect and are therefore excluded from the computation of diluted weighted average share outstanding.