Net Income Per Share

9 Months Ended

Dec. 31, 2021

Net Income Per ShareBasic net income per share is calculated by dividing the net income for the period by the weighted-average number of common shares outstanding during the period, without consideration of potentially dilutive securities. Diluted net income per share includes the dilutive effect of common share equivalents and is calculated using the weighted-average number of common shares and the common share equivalents outstanding during the reporting period. An anti-dilutive impact is an increase in net income per share or a reduction in net loss per share resulting from the conversion, exercise, or contingent issuance of certain securities.

The following table sets forth the computation of basic and diluted net income per share (in thousands, except per share data):


	Three Months Ended December 31,				Nine Months Ended December 31,
	2021		2020		2021		2020
Numerator:
Net income	$	14,587	$	18,416	$	51,522	$	48,760
Denominator:
Weighted average shares outstanding, basic	284,722		281,010		283,773		280,057
Dilutive effect of stock-based awards	7,123		5,417		7,122		5,827
Weighted average shares outstanding, diluted	291,845		286,427		290,895		285,884

Net income per share, basic	$	0.05	$	0.07	$	0.18	$	0.17
Net income per share, diluted	$	0.05	$	0.06	$	0.18	$	0.17

The effect of certain common share equivalents were excluded from the computation of weighted average diluted shares outstanding for the three and nine months ended December 31, 2021 and 2020 as inclusion would have resulted in anti-dilution. A summary of these weighted-average anti-dilutive common share equivalents is provided in the table below (in thousands):


	Three Months Ended December 31,		Nine Months Ended December 31,
	2021	2020	2021	2020
Stock options	147	2,185	167	1,777
Unvested RSAs and RSUs	49	6	67	31
Shares committed under ESPP	—	2	—	2