Net Income Per Share

6 Months Ended

Jul. 29, 2023

Net Income Per Share

Net Income Per Share

NOTE 13—NET INCOME PER SHARE

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

	THREE MONTHS ENDED			SIX MONTHS ENDED
	JULY 29,		JULY 30,	JULY 29,		JULY 30,
	2023		2022	2023		2022
Weighted-average shares—basic		20,960,329	24,475,373		21,503,090		23,541,955
Effect of dilutive stock-based awards		1,564,678	2,252,480		1,534,731		3,310,044
Effect of dilutive convertible senior notes(1)		202,553	207,061		204,764		519,501
Weighted-average shares—diluted		22,727,560	26,934,914		23,242,585		27,371,500

(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 2023 Notes terminated in June 2023 and did not have an impact on our diluted share count post-termination. 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		SIX MONTHS ENDED
	JULY 29,	JULY 30,	JULY 29,	JULY 30,
	2023	2022	2023	2022
Options	1,283,437	1,079,767	1,196,603	1,083,158
Restricted stock units	15,310	19,468	16,002	19,510
Convertible senior notes	—	207,309	—	463,235