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Net Income (Loss) per Share
 9 Months Ended
Mar. 31, 2022
Earnings Per Share [Abstract]  
Net Income (Loss) per Share

4. Net Income (Loss) per Share

Basic net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during the period. Diluted net income (loss) per share is computed by using the weighted-average number of shares of common stock outstanding, including potential dilutive shares of common stock assuming the dilutive effect of outstanding stock options, unvested restricted stock units, and shares issuable related to the ESPP using the treasury stock method.

The following table presents the calculation of basic and diluted net income (loss) per share:

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

March 31,

 

 

March 31,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

(In thousands, except per share data)

 

 

(In thousands, except per share data)

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and Diluted:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

2,230

 

 

$

5,037

 

 

$

(305

)

 

$

20,184

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average shares of common stock used in computing basic net income (loss) per share

 

 

54,645

 

 

 

53,427

 

 

 

54,339

 

 

 

52,988

 

Diluted:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average shares of common stock used in computing basic net income (loss) per share

 

 

54,645

 

 

 

53,427

 

 

 

54,339

 

 

 

52,988

 

Weighted-average effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock options

 

 

343

 

 

 

764

 

 

 

—

 

 

 

829

 

Restricted stock units

 

 

545

 

 

 

1,432

 

 

 

—

 

 

 

1,198

 

Shares issuable related to the ESPP

 

 

3

 

 

 

—

 

 

 

—

 

 

 

—

 

Weighted-average shares of common stock used in computing diluted net income (loss) per share

 

 

55,536

 

 

 

55,623

 

 

 

54,339

 

 

 

55,015

 

Net income (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.04

 

 

$

0.09

 

 

$

(0.01

)

 

$

0.38

 

Diluted (1)

 

$

0.04

 

 

$

0.09

 

 

$

(0.01

)

 

$

0.37

 

Securities excluded from weighted-average shares used in computing diluted net income (loss) per share because the effect would have been anti-dilutive (2)

 

 

1,273

 

 

 

4

 

 

 

3,580

 

 

 

65

 

 

 

(1)

Diluted net loss per share for the nine months ended March 31, 2022 does not reflect any potential common stock relating to stock options, restricted stock units, or shares issuable related to the ESPP due to net losses incurred. The assumed issuance of any additional shares would be anti-dilutive.

(2)

These weighted shares relate to anti-dilutive stock options, restricted stock units, and shares issuable related to the ESPP as calculated using the treasury stock method and could be dilutive in the future.