Net Income Per Share

12 Months Ended

Mar. 31, 2023

The following table summarizes the computations of basic and diluted net income per share for fiscal years 2023, 2022 and 2021 (in thousands except per share amounts):


	Years Ended March 31,
	2023		2022		2021
Net income	$	364,575	$	644,513	$	947,257



Shares used in net income per share computation:
Weighted average shares outstanding - basic	162,302		167,447		168,523
Effect of potentially dilutive equivalent shares	1,402		2,967		3,252
Weighted average shares outstanding - diluted	163,704		170,414		171,775

Net income per share:
Basic	$	2.25	$	3.85	$	5.62
Diluted	$	2.23	$	3.78	$	5.51

Share equivalents attributable to outstanding stock options, RSUs, PSUs and employee share purchase plans ("ESPP") totaling 2.0 million, 2.0 million, and 0.1 million shares during fiscal years 2023, 2022 and 2021, respectively, were excluded from the calculation of diluted net income per share because their effect would have been anti-dilutive.

For fiscal years 2023 and 2022, a small number of performance-based awards were not included in the dilutive net income per share calculation because all necessary conditions had not been satisfied by the end of the respective period, and those shares were not issuable if the end of the reporting period were the end of the performance contingency period.