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Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Mar. 31, 2019
Income Statement [Abstract]      
Revenue $ 847,522 $ 840,883 $ 769,432
Costs and expenses:      
Cost of revenue 161,907 151,305 129,567
Research and development 121,875 98,759 93,503
Selling, general and administrative 334,183 341,600 321,550
Costs and Expenses, Total 617,965 591,664 544,620
Income from operations 229,557 249,219 224,812
Other income:      
Investment income, net 6,717 12,167 8,166
Other income (expense), net 51,946 (4,561) 30,382
Nonoperating Income (Expense), Total 58,663 [1] 7,606 [1] 38,548
Income before income taxes 288,220 256,825 263,360
Income tax provision 62,695 [2] 53,816 [2] 4,344
Net income $ 225,525 $ 203,009 $ 259,016
Basic net income per share $ 5.00 $ 4.49 $ 5.77
Basic weighted average shares outstanding 45,140 45,179 44,911
Diluted net income per share $ 4.94 $ 4.43 $ 5.61
Diluted weighted average shares outstanding 45,674 45,816 46,151
[1]

In fiscal year 2019, the Company invested $25.0 million in medical device company Shockwave Medical. The fair value of this investment as of March 31, 2021 was $38.7 million. The Company recognized a pre-tax gain of $50.8 million for the year ended March 31, 2021 and a pre-tax loss of $0.5 million for the year ended March 31, 2020 in other income (expense), net.

[2] The income tax provision for the years ended March 31, 2021 and 2020 included excess tax benefits of $12.1 million and $14.8 million, respectively. These recognized excess tax benefits resulted from restricted stock units that vested or stock options that were exercised during the years ended March 31, 2021 and 2020.