v3.25.4
Net Income per Common Share
 9 Months Ended
Dec. 31, 2025
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 outstanding during the period. Diluted net income per share is computed using the weighted average number of common shares outstanding 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 ("RSUs"), performance stock units ("PSUs"), common shares to be purchased under the Employee Stock Purchase Plan ("ESPP"), the exercise of stock options, and, if dilutive, the conversion spread on the Notes. The dilutive effect of RSUs, PSUs, ESPP purchases, and the exercise of stock options is reflected in diluted earnings per share by application of the treasury stock method. The dilutive effect of the Notes is calculated using the if-converted method. See Note 14 of the notes to the consolidated financial statements for further details of the Notes.

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,
2025202420252024
Net income$17,782 $11,021 $56,008 $45,113 
Basic net income per common share:
Basic weighted average shares outstanding44,111 43,889 44,281 43,779 
Basic net income per common share$0.40 $0.25 $1.26 $1.03 
Diluted net income per common share:
Basic weighted average shares outstanding44,111 43,889 44,281 43,779 
Dilutive effect of potential common shares502 1,295 782 1,398 
Diluted weighted average shares outstanding44,613 45,184 45,063 45,177 
Diluted net income per common share$0.40 $0.24 $1.24 $1.00 

The diluted weighted average shares outstanding excludes RSUs, PSUs, common shares to be purchased under the ESPP and outstanding stock options totaling 277 and 179 for the three months ended December 31, 2025 and 2024, respectively, and 51 and 239 for the nine months ended December 31, 2025 and 2024, respectively, because the effect of including them would have been anti-dilutive. In addition, the Notes were excluded from diluted net income per share as their inclusion would have been anti-dilutive.