Net Income Per Share

6 Months Ended

Mar. 31, 2023

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,
	2023		2022		2023		2022
Numerator
Net income	$	81,436	$	56,236	$	153,838	$	149,795
Denominator
Weighted average shares outstanding — basic	60,330		60,573		60,211		60,693
Dilutive effect of common shares from stock options and restricted stock units	361		832		326		968
Weighted average shares outstanding — diluted	60,691		61,405		60,537		61,661
Basic net income per share	$	1.35	$	0.93	$	2.55	$	2.47
Diluted net income per share	$	1.34	$	0.92	$	2.54	$	2.43

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, 2023 and 2022.