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NET INCOME PER SHARE
 12 Months Ended
May 31, 2024
Net income per share:  
NET INCOME PER SHARE

13. NET INCOME PER SHARE

 

Basic net income per share is determined using the weighted average number of common shares outstanding during the period. Diluted net income per share is determined using the weighted average number of common shares and potential common shares (representing the hypothetical number of incremental shares issuable under the assumed exercise of outstanding stock options, and vesting of outstanding RSUs and ESPP shares) during the period using the treasury stock method. The calculation of dilutive shares outstanding excludes securities that would have an antidilutive effect on net income per share.

The following table presents the computation of basic and diluted net income per share:

 

 

 

Year Ended May 31

 

(In thousands, except per share data)

 

2024

 

 

2023

 

 

2022

 

Numerator:

 

 

 

 

 

 

 

 

 

Net income

 

$33,156

 

 

$14,557

 

 

$9,450

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average shares outstanding

 

 

28,818

 

 

 

27,785

 

 

 

26,014

 

Dilutive effect of common equivalent shares outstanding

 

 

799

 

 

 

1,430

 

 

 

1,760

 

Diluted weighted average shares outstanding

 

 

29,617

 

 

 

29,215

 

 

 

27,774

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share - Basic

 

$1.15

 

 

$0.52

 

 

$0.36

 

Net income per share - Diluted

 

$1.12

 

 

$0.50

 

 

$0.34

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Antidilutive employee share-based awards, excluded

 

 

351

 

 

 

5

 

 

 

64