Net Income Per Share

12 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Net Income Per Share

Net Income Per Share

The following table summarizes the computations of basic and diluted net income per share for fiscal years 2024, 2023 and 2022 (in thousands except per share amounts):

	Years Ended March 31,
	2024		2023		2022
Net income	$	612,143	$	364,575	$	644,513
Shares used in net income per share computation:
Weighted average shares outstanding - basic	156,776		162,302		167,447
Effect of potentially dilutive equivalent shares	1,395		1,402		2,967
Weighted average shares outstanding - diluted	158,171		163,704		170,414
Net income per share:
Basic	$	3.90	$	2.25	$	3.85
Diluted	$	3.87	$	2.23	$	3.78

Share equivalents attributable to outstanding stock options, restricted stock units and employee share purchase plans ("ESPP") totaling 1.1 million, 2.0 million, and 2.0 million shares during fiscal years 2024, 2023 and 2022, respectively, were excluded from the calculation of diluted net income per share because their effect would have been anti-dilutive. A small number of PSUs were not included in the dilutive net income per share calculation

because all necessary conditions had not been satisfied by the end of the respective period, and those shares were not issuable if the end of the reporting period were the end of the performance contingency period.