Net Income Per Share (Tables)

6 Months Ended

Jul. 30, 2022


	THREE MONTHS ENDED				SIX MONTHS ENDED
	JULY 30,			JULY 31,	JULY 30,		JULY 31,
	2022			2021	2022		2021
	(restated)				(restated)

		(in thousands, except share and per share amounts)
Net income available to common stockholders	$	122,275	$	226,746	$	322,986	$	357,402

Weighted-average shares—basic		24,475,373		21,166,638		23,541,955		21,084,941
Effect of dilutive stock-based awards		2,252,480		6,757,728		3,310,044		6,737,107
Effect of dilutive convertible senior notes⁽¹⁾		207,061		4,054,732		519,501		3,772,507
Weighted-average shares—diluted		26,934,914		31,979,098		27,371,500		31,594,555
Basic net income per share	$	5.00	$	10.71	$	13.72	$	16.95
Diluted net income per share	$	4.54	$	7.09	$	11.80	$	11.31

(1)

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, and the 2023 Notes and the 2024 Notes had an impact on our dilutive share count beginning at stock prices of $193.65 per share and $211.40 per share, respectively.

The warrants associated with the 2023 Notes and 2024 Notes had an impact on our dilutive share count beginning at stock prices of $309.84 per share and $338.24 per share, respectively. The warrants associated with the 2023 Notes and 2024 Notes were repurchased in April 2022 and, as a result, no warrant instruments are outstanding as of July 30, 2022. Accordingly, the warrants have no impact on our dilutive shares post-repurchase. Refer to Note 9—Convertible Senior Notes.