Net Income Per Share

12 Months Ended

Jan. 28, 2023

NOTE 16—NET INCOME PER SHARE

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


	YEAR ENDED
	JANUARY 28,		JANUARY 29,		JANUARY 30,
	2023		2022		2021
Weighted-average shares—basic		23,523,065		21,270,448		19,668,976
Effect of dilutive stock-based awards		2,675,660		6,506,399		5,470,980
Effect of dilutive convertible senior notes⁽¹⁾		363,263		3,336,548		2,162,312
Weighted-average shares—diluted		26,561,988		31,113,395		27,302,268

(1)

We adopted ASU 2020-06 in the first quarter of fiscal 2022, and the adoption requires the dilutive impact of the convertible senior 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 2020 Notes, 2023 Notes and the 2024 Notes impact our dilutive share count beginning at stock prices of $118.13 per share, $193.65 per share and $211.40 per share, respectively.

The warrants associated with our 2020 Notes, 2023 Notes and 2024 Notes had an impact on our dilutive share count beginning at stock prices of $189.00 per share, $309.84 per share and $338.24 per share, respectively. The warrants associated with our 2020 Notes expired in January 2021. 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 January 28, 2023. Accordingly, the warrants have no impact on our dilutive shares post-repurchase. Refer to Note 12—Convertible Senior Notes.

The following number of options and restricted stock units, as well as shares issuable under convertible senior notes prior to extinguishment in fiscal 2022, were excluded from the calculation of diluted net income per share because their inclusion would have been anti-dilutive:


	YEAR ENDED
	JANUARY 28,	JANUARY 29,	JANUARY 30,
	2023	2022	2021
Options	1,096,269	102,374	389,830
Restricted stock units	19,154	1,379	316
Convertible senior notes	231,618	—	—