Net Income Per Share

12 Months Ended

Jun. 30, 2020

Net Income Per Share

Net Income Per Share

(17) Net Income Per Share

Basic net income per share is computed using the weighted-average number of common shares outstanding during the period. Diluted net income per share is computed using the weighted-average number of common shares outstanding during the period and, if dilutive, potential common shares outstanding during the period. The Company’s potential common shares consist of the incremental common shares issuable upon the exercise of stock options, the release of restricted stock units and the shares purchasable via the employee stock purchase plan as of the balance sheet date.

The following table presents the calculation of basic and diluted net income per share:

	Year ended June 30,
	2018		2019		2020
Numerator:
Net income	$	38,598	$	53,823	$	64,455
Denominator:
Weighted-average shares used in computing net income per share:
Basic		52,425		52,914		53,547
Weighted-average effect of potentially dilutive shares:
Employee stock options, restricted stock units and employee stock purchase plan shares		2,462		2,500		2,260
Diluted		54,887		55,414		55,807
Net income per share:
Basic	$	0.74	$	1.02	$	1.20
Diluted	$	0.70	$	0.97	$	1.15

The following table summarizes the outstanding restricted stock units and employee stock purchase plan shares as of the balance sheet date that were excluded from the diluted per share calculation for the periods presented because to include them would have been anti-dilutive:

	Year ended June 30,
	2018	2019	2020
Restricted stock units	92	69	23
Employee stock purchase plan shares	—	13	—
Total	92	82	23

In August 2018, the Company announced that its board of directors approved a program to repurchase up to $35,000 of the Company’s common stock, with authorization through August 14, 2019. During the first quarter of fiscal 2019, the Company completed the repurchase program and repurchased 442 shares for $34,991. All shares of common stock repurchased were retired.