Net Income Per Share

6 Months Ended

Jul. 31, 2021

NOTE 13—NET INCOME PER SHARE

The weighted-average shares used for net income per share are as follows:


	THREE MONTHS ENDED		SIX MONTHS ENDED
	JULY 31,	AUGUST 1,	JULY 31,	AUGUST 1,
	2021	2020	2021	2020
Weighted-average shares—basic	21,166,638	19,386,115	21,084,941	19,314,479
Effect of dilutive stock-based awards	6,757,728	5,205,159	6,737,107	4,787,988
Effect of dilutive convertible senior notes⁽¹⁾	4,054,732	1,973,431	3,772,507	1,281,263
Weighted-average shares—diluted	31,979,098	26,564,705	31,594,555	25,383,730

(1)

The $300 million aggregate principal amount of convertible senior notes that were issued in June and July 2015 (the “2020 Notes”), the 2023 Notes and the 2024 Notes would have an impact on our dilutive share count beginning at stock prices at or above $118.13 per share, $193.65 per share and $211.40 per share, respectively. The 2020 Notes matured on July 15, 2020 and did not have an impact on our dilutive share count post-termination. The warrants associated with our 2020 Notes, 2023 Notes and 2024 Notes have an impact on our dilutive share count beginning at stock prices at or above $189.00 per share, $309.84 per share and $338.24 per share, respectively. The warrants associated with our 2020 Notes expired on January 7, 2021.

While the share price for our common stock trades above the applicable conversion price of each series of notes or the applicable exercise price of each series of warrants for the notes, these instruments will have a dilutive effect with respect to our common stock to the extent that the price per share of our common stock continues to exceed the applicable conversion or exercise price of the notes and warrants. Refer to Note 9—Convertible Senior Notes.

Dilutive options of 82,562 and 800,854 were excluded from the calculation of diluted net income per share for the three months ended July 31, 2021 and August 1, 2020, respectively, because their inclusion would have been anti-dilutive. Dilutive options of 68,918 and 521,717 were excluded from the calculation of diluted net income per share for the six months ended July 31, 2021 and August 1, 2020, respectively, because their inclusion would have been anti-dilutive.