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Net Income Per Share
9 Months Ended
Mar. 31, 2020
Net Income Per Share  
Net Income Per Share

(12)  Net Income Per Share

Basic net income per common share is computed using the weighted-average number of common shares outstanding during the period. Diluted net income per share is computed using the weighted-average number of common shares outstanding during the period and, if dilutive, potential common shares outstanding during the period. The Company’s potential common shares consist of the incremental common shares issuable upon the exercise of stock options, the release of restricted stock units, and the shares purchasable via the employee stock purchase plan as of the balance sheet date. The following table presents the calculation of basic and diluted net income per share:

Three Months Ended

Nine Months Ended

March 31, 

March 31, 

    

2019

    

2020

    

2019

    

2020

 

Numerator:

Net income

$

28,026

$

40,132

$

43,582

$

59,505

Denominator:

Weighted-average shares used in computing net income per share:

Basic

 

52,934

 

53,629

 

52,880

 

53,486

Weighted-average effect of potentially dilutive shares:

Employee stock options, restricted stock units and employee stock purchase plan shares

2,531

2,324

2,400

2,274

Diluted

 

55,465

 

55,953

 

55,280

 

55,760

Net income per share:

Basic

$

0.53

$

0.75

$

0.82

$

1.11

Diluted

$

0.51

$

0.72

$

0.79

$

1.07

The Company excluded 18 and 6 outstanding RSUs from the diluted per share calculations during the three months ended March 31, 2019 and 2020, respectively, and 49 and 17 outstanding RSUs from the diluted per share calculations during the nine months ended March 31, 2019 and 2020, respectively, because to include them would have been anti-dilutive.

In August 2018, the Company announced that its board of directors approved a program to repurchase up to $35,000 of the Company’s common stock, with authorization through August 14, 2019. The Company completed the repurchase program during the first quarter of fiscal 2019 and repurchased 442 shares for $34,991. All shares of common stock repurchased were retired.