Net Income Per Share

3 Months Ended

Apr. 29, 2023

NOTE 13—NET INCOME PER SHARE

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


	THREE MONTHS ENDED
	APRIL 29,		APRIL 30,
	2023		2022
Weighted-average shares—basic		22,047,029	22,608,537
Effect of dilutive stock-based awards		1,504,784	4,367,607
Effect of dilutive convertible senior notes⁽¹⁾		206,975	831,938
Weighted-average shares—diluted		23,758,788	27,808,082

(1)

The dilutive effect of the 2023 Notes and 2024 Notes is calculated under the if-converted method, which assumes share settlement of the entire convertible debt instrument. 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 were outstanding as of and after April 30, 2022. Accordingly, the warrants have no impact on our dilutive shares post-repurchase. Refer to Note 9—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:


	THREE MONTHS ENDED
	APRIL 29,	APRIL 30,
	2023	2022
Options	1,109,768	1,086,549
Restricted stock units	16,694	19,552
Convertible senior notes	—	719,164