Net Income Per Share
Basic and diluted net income per share were as follows: 
Fiscal Year
(in thousands, except per share data)202520242023
Numerator:
Net income$22,639 $29,030 $53,115 
Denominator:
Basic weighted average shares outstanding156,649 160,911 151,027 
Dilutive effect of employee stock options and awards6,130 5,795 5,129 
Diluted weighted average shares outstanding (1)
162,779 166,706 156,156 
Net income per share:
Basic$0.14 $0.18 $0.35 
Diluted$0.14 $0.17 $0.34 
(1)For fiscal 2025, 2024 and 2023, the calculation of diluted net income per share excludes the effect of 6.7 million, 3.1 million and 0.8 million, respectively, of potential shares of common stock as the inclusion of these potential shares would have been antidilutive and/or the shares were contingently issuable and not issuable based on current period results, assuming the end of the reporting period was the end of the contingency period.

Historical Timeline

Fiscal YearFiled
2026Feb 20, 2026Showing above
2024Feb 21, 2025

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.