Basic net income per share is calculated by dividing net income by the weighted-average number of common shares outstanding. Diluted net income per share is calculated by dividing net income by the weighted-average number of common shares and potentially dilutive securities outstanding during the period using the treasury stock method for the Company’s stock option, restricted stock and restricted stock unit awards, and the if-converted method for the Convertible Notes. The following table presents the computation of basic and diluted net income per share:


	(in thousands, except per share data)
	Three Months Ended				Nine Months Ended

	November 2,		October 28,		November 2,		October 28,
	2024		2023		2024		2023
Basic net income per share
Net income	$	90,597	$	48,551	$	242,871	$	112,191
Weighted average number of common shares – basic		63,563		64,707		63,723		64,852
Net income per common share – basic	$	1.43	$	0.75	$	3.81	$	1.73
Diluted net income per share
Net income	$	90,597	$	48,551	$	242,871	$	112,191
Shares for basic and diluted net income per share:
Weighted average number of common shares – basic		63,563		64,707		63,723		64,852
Assumed exercise of stock options and vesting of restricted stock		637		95		485		172
Assumed conversion of convertible debt		419		—		187		—
Weighted average number of common shares – diluted		64,619		64,802		64,395		65,024
Net income per common share – diluted	$	1.40	$	0.75	$	3.77	$	1.73

Approximately 199,000 and 685,000 shares of the Company’s stock-based compensation grants were excluded from diluted net income per share for the three and nine month periods ended November 2, 2024, respectively, since their effect was anti-dilutive.

Approximately 1,820,000 and 1,526,000 shares related to the Company’s stock-based compensation grants were excluded from diluted net income per share for the three and nine month periods ended October 28, 2023, respectively, since their effect was anti-dilutive.