Net Income Per Share

3 Months Ended

Jun. 30, 2022

Basic net income per share is calculated by dividing the net income for the period by the weighted-average number of common shares outstanding during the period, without consideration of potentially dilutive securities. Diluted net income per share includes the dilutive effect of common share equivalents and is calculated using the weighted-average number of common shares and the common share equivalents outstanding during the reporting period. An anti-dilutive impact is an increase in net income per share or a reduction in net loss per share resulting from the conversion, exercise, or contingent issuance of certain securities.

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


	Three Months Ended June 30,
	2022		2021
Numerator:
Net income	$	2,114	$	13,294
Denominator:
Weighted average shares outstanding, basic	286,203		282,661
Dilutive effect of stock-based awards	3,821		6,327
Weighted average shares outstanding, diluted	290,024		288,988

Net income per share, basic	$	0.01	$	0.05
Net income per share, diluted	$	0.01	$	0.05

The effect of certain common share equivalents were excluded from the computation of weighted average diluted shares outstanding for the three months ended June 30, 2022 and 2021 as inclusion would have resulted in anti-dilution. A summary of these weighted-average anti-dilutive common share equivalents is provided in the table below (in thousands):


	Three Months Ended June 30,
	2022	2021
Stock options	889	318
Unvested RSAs and RSUs	2,274	32
Shares committed under ESPP	10	3