Net Income Per Common Share

6 Months Ended

Dec. 31, 2021

The following table shows the computation of basic and diluted net income per common share for the three and six months ended December 31, 2021 and 2020 (in thousands, except per share amounts):


	Three Months Ended December 31,				Six Months Ended December 31,
	2021		2020		2021		2020
Numerator:
Net income	$	41,932	$	27,674	$	67,369	$	54,275

Denominator:
Weighted-average shares outstanding	51,314		51,499		51,055		51,914
Effect of dilutive securities	2,197		2,084		2,159		2,091
Weighted-average diluted shares	53,511		53,584		53,213		54,005

Basic net income per common share	$	0.82	$	0.54	$	1.32	$	1.05
Diluted net income per common share	$	0.78	$	0.52	$	1.27	$	1.00

For the three and six months ended December 31, 2021 and 2020, the Company had stock options, restricted stock units ("RSUs") and performance based restricted stock units ("PRSUs") 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 419,423 and 1,040,890 for the three months ended December 31, 2021 and 2020, respectively, and 1,501,560 and 1,113,845 for the six months ended December 31, 2021 and 2020, respectively.