NET INCOME (LOSS) PER SHARE

12 Months Ended

Mar. 31, 2024

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,
	2024		2023		2022
Numerator:
Net income (loss)	$	(147,734)	$	59,648	$	35,874
Denominator:
Denominator for basic net income (loss) per share - weighted average common shares outstanding	71,474		71,781		74,019
Dilutive common equivalent shares:

Weighted average restricted stock units and performance-based restricted stock units	—		1,265		1,065
Denominator for diluted net income (loss) per share - weighted average shares outstanding	71,474		73,046		75,084
Net income (loss) per share:
Basic net income (loss) per share	$	(2.07)	$	0.83	$	0.48
Diluted net income (loss) per share	$	(2.07)	$	0.82	$	0.48

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


	Fiscal Year Ended March 31,
	2024	2023	2022
Restricted stock units	820	1,799	1,222

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 additional proceeds. As the Company incurred a net loss for the fiscal year ended March 31, 2024, 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.

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 14 for additional information.