Net Income Per Share

6 Months Ended

Mar. 31, 2022

Basic net income per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted net income per share is computed by dividing net income by the weighted average number of common and dilutive common stock equivalent shares outstanding during the period. The Company's nonvested restricted stock units do not have nonforfeitable rights to dividends or dividend equivalents and are not considered participating securities that should be included in the computation of earnings per share under the two-class method.

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


	Three months ended March 31,				Six months ended March 31,
	2022		2021		2022		2021
Numerator
Net income	$	56,236	$	43,241	$	149,795	$	130,919
Denominator
Weighted average shares outstanding — basic	60,573		60,667		60,693		61,058
Dilutive effect of common shares from stock options and restricted stock units	832		1,491		968		1,234
Weighted average shares outstanding — diluted	61,405		62,158		61,661		62,292
Basic net income per share	$	0.93	$	0.71	$	2.47	$	2.14
Diluted net income per share	$	0.92	$	0.70	$	2.43	$	2.10

Anti-dilutive stock-based awards excluded from the calculations of diluted earnings per share were not material for the three and six months ended March 31, 2022 and 2021.