Net Income Per Share

12 Months Ended

Jun. 30, 2023

17. Net Income Per Share

Basic net income per share is calculated by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted income per share is calculated by dividing net income by the weighted average number of shares of common stock used in the basic net income per share calculation plus the dilutive effect of shares subject to repurchase, options and unvested restricted stock units.

The following table presents the calculation of basic and diluted net income per share (in thousands, except per share data):


	Year Ended
	June 30, 2023		June 30, 2022		June 30, 2021
Net income	$	78,074	$	44,271	$	1,936
Weighted-average shares used in per share calculation – basic		129,473		129,437		124,019
Options to purchase common stock		708		567		542
Restricted stock units		3,468		3,490		3,047
Employee Stock Purchase Plan shares		—		—		61
Weighted-average shares used in per share calculation – diluted		133,649		133,494		127,669

Net income per share – basic and diluted
Net income per share – basic	$	0.60	$	0.34	$	0.02
Net income per share – diluted	$	0.58	$	0.33	$	0.02

Potentially dilutive common shares from employee incentive plans are determined by applying the treasury stock method to the assumed exercise of outstanding stock options, the assumed vesting of outstanding restricted stock units, and the assumed issuance of common stock under the ESPP.

The following securities were excluded from the computation of net income per diluted share of common stock for the periods presented as their effect would have been anti-dilutive (in thousands):


			Year Ended
	June 30, 2023		June 30, 2022		June 30, 2021
Options to purchase common stock		—		—		637
Restricted stock units		153		99		80
Employee Stock Purchase Plan shares		181		400		334
Total shares excluded		334		499		1,051