Net Income per Common Share

3 Months Ended

Jun. 30, 2023

The reconciliations of the denominators used to calculate basic and diluted net income per common share for the three months ended June 30, 2023 and 2022, respectively, are as follows:


	Three Months Ended June 30, 2023		Three Months Ended June 30, 2022
Basic net income per common share
Net income	$	10,938	$	6,556
Weighted-average common shares outstanding	33,566,732		33,399,868
Basic net income per common share	$	0.33	$	0.20


	Three Months Ended June 30, 2023		Three Months Ended June 30, 2022
Diluted net income per common share
Net income	$	10,938	$	6,556
Weighted-average common shares outstanding	33,566,732		33,399,868
Common share equivalents:
Stock options	21,664		—
Restricted and performance stock units	274,543		167,416
Weighted average shares outstanding – dilutive (1)	33,862,939		33,567,284
Diluted net income per common share	$	0.32	$	0.20

(1) For the three months ended June 30, 2023 and 2022, zero and 179,882 equity awards, respectively, were not included in the calculation of diluted net income per common share, as they would have had an anti-dilutive effect.

The number of common share equivalents, which includes options and both restricted and performance stock units, is computed using the treasury stock method. With regard to the performance stock units, we assume that the associated performance targets will be met at the target level of performance for purposes of calculating diluted net income per common share until such time that it is probable that a