Net Income (Loss) Per Share

12 Months Ended

Jun. 30, 2022

17. Net Income (Loss) Per Share

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

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

	Year Ended
	June 30, 2022		June 30, 2021		June 30, 2020
Net income (loss)	$	44,271	$	1,936	$	(126,845	)
Weighted-average shares used in per share calculation - basic		129,437		124,019		119,814
Options to purchase common stock		567		542		—
Restricted stock units		3,490		3,047		—
Employee Stock Purchase Plan shares		—		61		—
Weighted-average shares used in per share calculation - diluted		133,494		127,669		119,814

Net income (loss) per share - basic and diluted
Net income (loss) per share - basic	$	0.34	$	0.02	$	(1.06	)
Net income (loss) per share - diluted	$	0.33	$	0.02	$	(1.06	)

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. Weighted stock options outstanding with an exercise price higher than the Company's average stock price for the periods presented are excluded from the calculation of diluted net loss per share since the effect of including them would have been anti-dilutive due to the net loss position of the Company during the periods presented.

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

			Year Ended
	June 30, 2022		June 30, 2021		June 30, 2020
Options to purchase common stock		—		637		3,036
Restricted stock units		99		80		8,103
Employee Stock Purchase Plan shares		400		334		553
Total shares excluded		499		1,051		11,692