Earnings Per Share

9 Months Ended

Dec. 31, 2022

13. Earnings per Share

The presentation of “basic” and “diluted” earnings per share is provided below. Share amounts below are in thousands.


	Three Months Ended December 31,				Nine Months Ended December 31,
	2022		2021		2022		2021
Earnings per share — Basic:
Net income	$	7,815	$	5,193	$	22,586	$	1,270
Weighted-average shares outstanding — Basic		66,561		67,958		67,317		67,514
Net income per common share — Basic	$	0.12	$	0.08	$	0.34	$	0.02

Earnings per share — Diluted:
Net income	$	7,815	$	5,193	$	22,586	$	1,270
Weighted-average shares outstanding		66,561		67,958		67,317		67,514
Effect of potentially dilutive securities from equity incentive plans		746		209		688		337
Weighted-average shares outstanding — Diluted		67,307		68,167		68,005		67,851
Net income per common share — Diluted	$	0.12	$	0.08	$	0.33	$	0.02

The computation of diluted net income per share does not include 26 and 410 options to acquire shares of common stock for the three months ended December 31, 2022 and December 31, 2021, respectively, because their inclusion would have an anti-dilutive effect on net income per share.

The computation of diluted net income per share does not include 22 and 428 options to acquire shares of common stock for the nine months ended December 31, 2022 and December 31, 2021, respectively, because their inclusion would have an anti-dilutive effect on net income per share.

The dilutive effect of potentially dilutive common shares is reflected in diluted net income per share by application of the if-converted method for the Notes. The shares issuable upon conversion of the Notes, subject to adjustment in some events, are not considered in the calculation of diluted net income per share because their inclusion would have an anti-dilutive effect on net income per share for the three and nine months ended December 31, 2022.