Net Income Per Common Share

9 Months Ended

Mar. 31, 2020

The following table shows the computation of basic and diluted net income per common share for the three and nine months ended March 31, 2020 and 2019 (in thousands, except per share amounts):



	Three Months Ended March 31,				Nine Months Ended March 31,
	2020		2019		2020		2019
Numerator:
Net income	$	15,807	$	10,646	$	65,858	$	48,208

Denominator:
Weighted-average shares outstanding	51,526		49,988		50,591		49,845
Effect of dilutive securities	2,167		1,570		1,808		1,712
Weighted-average diluted shares	53,693		51,558		52,399		51,557

Basic net income per common share	$	0.31	$	0.21	$	1.30	$	0.97
Diluted net income per common share	$	0.29	$	0.21	$	1.26	$	0.94

For the three and nine months ended March 31, 2020 and 2019, the Company had stock options and RSUs outstanding that could potentially dilute basic earnings per share in the future, but were excluded from the computation of diluted net income per share in the periods presented, as their effect would have been anti-dilutive. The anti-dilutive common share equivalents resulting from outstanding equity awards were 1,882,238 and 2,305,538 for three and nine months ended March 31, 2020, respectively, and 4,443,127 and 4,194,283 for the three and nine months ended March 31, 2019, respectively.