Net Income Per Share

12 Months Ended

Jan. 29, 2022

NOTE 16—NET INCOME PER SHARE

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


	YEAR ENDED
	JANUARY 29,	JANUARY 30,	FEBRUARY 1,
	2022	2021	2020
Weighted-average shares—basic	21,270,448	19,668,976	19,082,303
Effect of dilutive stock-based awards	6,506,399	5,470,980	4,554,682
Effect of dilutive convertible senior notes⁽¹⁾	3,336,548	2,162,312	662,049
Weighted-average shares—diluted	31,113,395	27,302,268	24,299,034

(1)

The 2019 Notes, 2020 Notes, 2023 Notes and 2024 Notes have an impact on our dilutive share count beginning at stock prices of $116.09 per share, $118.13 per share, $193.65 per share and $211.40 per share, respectively. The 2019 Notes matured on June 15, 2019 and did not have an impact of our dilutive share count post-maturity. The 2020 Notes matured on July 15, 2020 and did not have an impact on our dilutive share count post-maturity. The warrants associated with our 2019 Notes, 2020 Notes, 2023 Notes and 2024 Notes have an impact on our dilutive share count beginning at stock prices of $171.98 per share, $189.00 per share, $309.84 per share and $338.24 per share, respectively. The warrants associated with our 2019 Notes and 2020 Notes expired through December 2019 and January 2021, respectively.

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 exceeds the applicable conversion or exercise price of the notes and warrants. Refer to Note 12—Convertible Senior Notes.

The following number of options and restricted stock units were excluded from the calculation of diluted net income per share because their inclusion would have been anti-dilutive:


	YEAR ENDED
	JANUARY 29,	JANUARY 30,	FEBRUARY 1,
	2022	2021	2020
Options	102,374	389,830	360,496
Restricted stock units	1,379	316	—
Total anti-dilutive stock-based awards	103,753	390,146	360,496