Net Income Per Share

6 Months Ended

Sep. 30, 2021

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.

For purposes of the diluted net income per share calculation, potential dilutive securities are excluded from the calculation if their effect would be anti-dilutive.

The following tables illustrate the determination of basic and diluted net income per share for each period presented (in thousands, except per share data):

	For the Three Months Ended September 30,				For the Six Months Ended September 30,
		2021		2020		2021		2020
Net income	$	56,953	$	62,213	$	30,428	$	106,801

Weighted average shares – basic		45,437		45,104		45,374		45,057

Net income per share – basic	$	1.25	$	1.38	$	0.67	$	2.37

	For the Three Months Ended September 30,				For the Six Months Ended September 30,
		2021		2020		2021		2020
Net income	$	56,953		62,213		30,428		106,801

Weighted average shares – basic		45,437		45,104		45,374		45,057
Effect of dilutive securities		456		557		483		552
Weighted average shares – diluted		45,893		45,661		45,857		45,609

Net income per share – diluted	$	1.24	$	1.36	$	0.66	$	2.34

Share-based compensation awards of approximately 0.2 million and 0.1 million shares for the three months ended September 30, 2021 and 2020, respectively, and approximately 0.2 million and 0.2 million for the six months ended September 30, 2021 and 2020, 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 such shares are contingently issuable upon meeting performance criteria in the periods presented.