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Net Income per Common Share | 9 Months Ended
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Dec. 31, 2024
Earnings Per Share [Abstract] |
Net Income per Common Share | Net Income per Common Share Basic net income per common share is computed by dividing net income by the weighted average number of common shares during the period. Diluted net income per share is computed using the weighted average number of common shares and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the incremental common shares issuable upon the vesting of restricted stock units, common shares to be purchased under the Employee Stock Purchase Plan ("ESPP"), and the exercise of stock options. The dilutive effect of such potential common shares is reflected in diluted earnings per share by application of the treasury stock method. The following table sets forth the reconciliation of basic and diluted net income per common share:
|  | Three Months Ended December 31, |  | Nine Months Ended December 31,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Net income |  | $ | 11,021 |  |  | $ | 17,140 |  |  | $ | 45,113 |  |  | $ | 42,786 |
Basic net income per common share: |  |  |  |  |  |  |  |
Basic weighted average shares outstanding |  | 43,889 |  |  | 43,862 |  |  | 43,779 |  |  | 43,956 |
Basic net income per common share |  | $ | 0.25 |  |  | $ | 0.39 |  |  | $ | 1.03 |  |  | $ | 0.97 |
Diluted net income per common share: |  |  |  |  |  |  |  |
Basic weighted average shares outstanding |  | 43,889 |  |  | 43,862 |  |  | 43,779 |  |  | 43,956 |
Dilutive effect of stock options and restricted stock units |  | 1,295 |  |  | 937 |  |  | 1,398 |  |  | 1,064 |
Diluted weighted average shares outstanding |  | 45,184 |  |  | 44,799 |  |  | 45,177 |  |  | 45,020 |
Diluted net income per common share |  | $ | 0.24 |  |  | $ | 0.38 |  |  | $ | 1.00 |  |  | $ | 0.95 |
The diluted weighted average shares outstanding exclude restricted stock units, performance restricted stock units, shares to be purchased under the ESPP and outstanding stock options totaling 179 and 121 for the three months ended December 31, 2024 and 2023, respectively, and 239 and 505 for the nine months ended December 31, 2024 and 2023, respectively, because the effect would have been anti-dilutive.

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