NET INCOME PER SHARE

6 Months Ended

Sep. 30, 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):


	Three Months Ended				Six Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Numerator:
Net income	$	21,462	$	17,383	$	17,262	$	10,251
Denominator:
Denominator for basic net income per share - weighted average common shares outstanding	72,112		71,856		71,828		72,152
Dilutive common equivalent shares:

Weighted average restricted stock units and performance-based restricted stock units	685		1,035		1,010		1,342
Denominator for diluted net income per share - weighted average shares outstanding	72,797		72,891		72,838		73,494
Net income per share:
Basic net income per share	$	0.30	$	0.24	$	0.24	$	0.14
Diluted net income per share	$	0.29	$	0.24	$	0.24	$	0.14

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		Six Months Ended
	September 30,		September 30,
	2023	2022	2023	2022
Restricted stock units	3,859	1,755	4,000	1,430

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.

The delivery of approximately 3.3 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 six months ended September 30, 2022. See Note 16 for additional information.