Net Income Per Share

Basic net income per share is based on the weighted effect of common shares issued and outstanding and is calculated by dividing net income by the basic weighted average shares outstanding during the period. Diluted net income per share is calculated by dividing net income by the weighted average number of common shares used in the basic net income per share calculation, plus the equivalent number of common shares that would be issued assuming exercise or conversion of all potentially dilutive common shares outstanding. These potentially dilutive items consist primarily of outstanding stock options and restricted stock units.

The following table details the calculation of basic and diluted earnings per share for the three and nine months ended December 29, 2018 and December 30, 2017 (in thousands, except per share amounts):

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	Three Months Ended				Nine Months Ended
	December 29,		December 30,		December 29,		December 30,
	2018		2017		2018		2017
Numerator:
Net income	$	29,933	$	33,779	$	83,834	$	149,991
Denominator:
Weighted average shares outstanding	59,511		63,453		60,482		63,655
Effect of dilutive securities	1,272		2,104		1,594		2,722
Weighted average diluted shares	60,783		65,557		62,076		66,377
Basic earnings per share	$	0.50	$	0.53	$	1.39	$	2.36
Diluted earnings per share	$	0.49	$	0.52	$	1.35	$	2.26

The weighted outstanding shares excluded from our diluted calculation for the three and nine months ended December 29, 2018 were 1,398 thousand and 1,668 thousand, respectively, as the shares were anti-dilutive. The weighted outstanding shares excluded from our diluted calculation for the three and nine months ended December 30, 2017 were 824 thousand and 273 thousand, respectively, as the shares were anti-dilutive.