Basic and Diluted Net Income (Loss) Per Common Share

9 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Basic and Diluted Net Income (Loss) Per Common Share

Basic and Diluted Net Income Per Common Share

Basic earnings per share calculation is based on the weighted-average number of common shares outstanding. Diluted earnings per share calculation is based on the weighted-average number of common shares outstanding adjusted by the number of additional shares that would have been outstanding had the potentially dilutive common shares been issued. Potentially dilutive shares of common stock include stock options and RSUs.

The following table presents net income per basic and diluted share (amounts in thousands, except per share data):

	Three Months Ended December 31,				Nine Months Ended December 31,
	2019		2018		2019		2018
Numerator:
Net income	$	16,602	$	40,806	$	41,682	$	113,167
Denominator:
Weighted-average shares outstanding:
Basic	58,646		58,010		58,509		57,717
Assumed conversion of employee stock grants	883		1,101		819		1,399
Diluted	59,529		59,111		59,328		59,116
Net income per basic share	$	0.28	$	0.70	$	0.71	$	1.96
Net income per diluted share	$	0.28	$	0.69	$	0.70	$	1.91

  

Common stock equivalents that could potentially dilute net income per basic share in the future, but were not included in the computation of diluted earnings per share because the impact would have been anti-dilutive, are as follows (amounts in thousands):

	Three Months Ended December 31,		Nine Months Ended December 31,
	2019	2018	2019	2018
Assumed conversion of employee stock grants	88	76	30	—