Net Income Per Share

3 Months Ended

Dec. 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 December 31,
	2023		2022
Numerator
Net income	$	138,382	$	72,402
Denominator
Weighted average shares outstanding — basic	59,122		60,096
Dilutive effect of common shares from stock options and restricted stock units	531		291
Weighted average shares outstanding — diluted	59,653		60,387
Basic net income per share	$	2.34	$	1.20
Diluted net income per share	$	2.32	$	1.20

Anti-dilutive stock-based awards excluded from the calculations of diluted earnings per share were not material for the three months ended December 31, 2023 and 2022.