Net Income Per Share

6 Months Ended

Sep. 30, 2020

Note 4. Net Income Per Share

Basic net income per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted net income per share is computed by dividing net income by the weighted average number of dilutive common shares outstanding during the period. Diluted shares outstanding are calculated by adding to the weighted average shares outstanding any potential dilutive securities outstanding for the period. Potential dilutive securities include stock options, restricted stock units, performance-based stock awards and shares to be purchased under the Company’s employee stock purchase plan. The Company’s basic and diluted net income per share for the three and six months ended September 30, 2020 and 2019 were as follows (in thousands, except per share data):

	For the Three Months Ended September 30,				For the Six Months Ended September 30,
Basic Net Income Per Share		2020		2019		2020		2019
Net income	$	62,213	$	13,071	$	106,801	$	101,994

Weighted average shares – basic		45,104		45,319		45,057		45,267

Net income per share – basic	$	1.38	$	0.29	$	2.37	$	2.25

	For the Three Months Ended September 30,				For the Six Months Ended September 30,
Diluted Net Income Per Share		2020		2019		2020		2019
Net income	$	62,213		13,071		106,801		101,994

Weighted average shares – basic		45,104		45,319		45,057		45,267
Effect of dilutive securities		557		593		552		764
Weighted average shares – diluted		45,661		45,912		45,609		46,031

Net income per share – diluted	$	1.36	$	0.28	$	2.34	$	2.22

Share-based compensation awards of approximately 0.1 million and 0.3 million shares for the three months ended September 30, 2020, and 2019, respectively, and approximately 0.2 million and 0.3 million for the six months ended September 30, 2020, and 2019, respectively, were outstanding but were not included in the computation of diluted net income per share because the effect of including such shares would have been anti-dilutive or are contingently issuable upon meeting performance criteria in the periods presented.