| Calculation of our net income per share |
| | | | | | | | | | | | | | | THREE MONTHS ENDED | | NINE MONTHS ENDED | | | OCTOBER 29, | | | OCTOBER 30, | | OCTOBER 29, | | OCTOBER 30, | | | 2022 | | | 2021 | | 2022 | | 2021 | | | | | (in thousands, except share and per share amounts) | Net income | | $ | 98,760 | | $ | 184,099 | | $ | 421,746 | | $ | 541,501 | Loss on extinguishment of debt | | | — | | | | | | 169,578 | | | | Net income available to common stockholders(1) | | $ | 98,760 | | | | | $ | 591,324 | | | | | | | | | | | | | | | | | Weighted-average shares—basic | | | 23,681,482 | | | 21,430,557 | | | 23,588,464 | | | 21,200,146 | Effect of dilutive stock-based awards | | | 2,209,736 | | | 6,462,775 | | | 2,943,274 | | | 6,645,663 | Effect of dilutive convertible senior notes(2) | | | 207,047 | | | 3,397,747 | | | 724,173 | | | 3,647,587 | Weighted-average shares—diluted | | | 26,098,265 | | | 31,291,079 | | | 27,255,911 | | | 31,493,396 | Basic net income per share | | $ | 4.17 | | $ | 8.59 | | $ | 25.07 | | $ | 25.54 | Diluted net income per share | | $ | 3.78 | | $ | 5.88 | | $ | 21.70 | | $ | 17.19 |
| (1) | Effective the first quarter of fiscal 2022 upon adoption of ASU 2020-06, the loss on extinguishment of debt related to convertible securities is added back to net income to calculate net income per share. |
| (2) | We adopted ASU 2020-06 in the first quarter of fiscal 2022, and the adoption requires the dilutive impact of the 2023 Notes and 2024 Notes for diluted net income per share purposes to be determined under the if-converted method which assumes share settlement of the entire convertible debt instrument. Prior to adoption of ASU 2020-06, we applied the treasury stock method to determine the dilutive impact of the 2023 Notes and 2024 Notes for diluted net income per share purposes. |
The 2023 Notes and the 2024 Notes have an impact on our dilutive share count beginning at stock prices of $193.65 per share and $211.40 per share, respectively. The warrants associated with the 2023 Notes and 2024 Notes had an impact on our dilutive share count beginning at stock prices of $309.84 per share and $338.24 per share, respectively. The warrants associated with the 2023 Notes and 2024 Notes were repurchased in April 2022 and, as a result, no warrant instruments are outstanding as of October 29, 2022. Accordingly, the warrants have no impact on our dilutive shares post-repurchase. Refer to Note 9—Convertible Senior Notes.
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| Anti-Dilutive Securities Excluded from Diluted Net Income per Share |
| | | | | | | | | | | THREE MONTHS ENDED | | NINE MONTHS ENDED | | | OCTOBER 29, | | OCTOBER 30, | | OCTOBER 29, | | OCTOBER 30, | | | 2022 | | 2021 | | 2022 | | 2021 | Options | | 1,084,920 | | 121,587 | | 1,083,745 | | 86,474 | Restricted stock units | | 19,310 | | — | | 19,443 | | — | Total anti-dilutive stock-based awards | | 1,104,230 | | 121,587 | | 1,103,188 | | 86,474 |
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