NET INCOME PER SHARE

12 Months Ended

Mar. 31, 2023

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


	Fiscal Year Ended March 31,
	2023		2022		2021
Numerator:
Net income	$	59,648	$	35,874	$	19,352
Denominator:
Denominator for basic net income per share - weighted average common shares outstanding	71,781		74,019		73,103
Dilutive common equivalent shares:

Weighted average restricted stock units and performance-based restricted stock units	1,265		1,065		719
Denominator for diluted net income per share - weighted average shares outstanding	73,046		75,084		73,822
Net income per share:
Basic net income per share	$	0.83	$	0.48	$	0.26
Diluted net income per share	$	0.82	$	0.48	$	0.26

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,
	2023	2022	2021
Restricted stock units	1,799	1,222	2,864

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 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 additional proceeds.

The delivery of 4.5 million shares under the Company's ASR agreements reduced the Company's outstanding shares used to determine the weighted average common shares outstanding for purposes of calculating basic and diluted earnings per share for the fiscal year ended March 31, 2023. See Note 13 for additional information.