Net Income Per Share (Tables)

3 Months Ended

Apr. 30, 2022

Net Income Per Share

Calculation of our net income per share

	THREE MONTHS ENDED
	APRIL 30,		MAY 1,
	2022		2021
	(in thousands, except share and per share amounts)
Net income	$	200,711	$	130,656
Loss on extinguishment of debt		146,116
Net income available to common shareholders(1)	$	346,827
Weighted-average shares—basic		22,608,537		21,003,244
Effect of dilutive stock-based awards		4,367,607		6,716,485
Effect of dilutive convertible senior notes(2)		1,551,102		3,490,282
Weighted-average shares—diluted		28,527,246		31,210,011
Basic net income per share	$	15.34	$	6.22
Diluted net income per share	$	12.16	$	4.19

(1) Effective the first quarter of fiscal 2022 upon adoption of ASU 2020-06, the loss on extinguishment of debt related to convertible securities is added back to net income to calculate net income per share.

(2) We adopted ASU 2020-06 in the first quarter of fiscal 2022, and the adoption requires the dilutive impact of the 2023 Notes and 2024 Notes for diluted net income per share purposes to be determined under the if-converted method which assumes share settlement of the entire convertible debt instrument. Prior to adoption of ASU 2020-06, we applied the treasury stock method to determine the dilutive impact of the 2023 Notes and 2024 Notes for diluted net income per share purposes.

Anti-Dilutive Securities Excluded from Diluted Net Income (loss) per Share

	THREE MONTHS ENDED
	APRIL 30,	MAY 1,
	2022	2021
	(in thousands)
Options	1,086,549	55,273
Restricted stock units	19,552	—
Total anti-dilutive stock-based awards	1,106,101	55,273