Basic net income per share is calculated by dividing the Net income available to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration for common stock equivalents. Diluted net income per share is computed by dividing the Net income available to common stockholders by the weighted-average number of common stock equivalents outstanding for the period.

The following table presents information necessary to calculate net income per share for the fiscal years ended March 31, 2026, 2025, and 2024, as well as potentially dilutive securities excluded from the weighted average number of diluted common shares outstanding because their inclusion would have been anti-dilutive:


(Amounts in thousands, except per share data)	2026		2025		2024
NET INCOME PER SHARE — BASIC:
Net income from continuing operations available to common stockholders	$	427,555	$	450,172	$	509,915
Net loss from discontinued operations, net of tax	(1,090)		—		—
Net income attributable to common stockholders	426,465		450,172		509,915
Weighted average number of common shares outstanding - Basic	77,756		77,549		78,252
Net income from continuing operations available to common stockholders per share - Basic	$	5.50	$	5.81	$	6.52
Net loss from discontinued operations per common share - Basic	$	(0.01)	$	—	$	—
Net income per common share — Basic	$	5.48	$	5.81	$	6.52
NET INCOME PER SHARE — DILUTED:
Net income from continuing operations available to common stockholders	$	427,555	$	450,172	$	509,915
Net loss from discontinued operations, net of tax	(1,090)		—		—
Net income available to common stockholders	426,465		450,172		509,915
Weighted average number of common shares outstanding - Basic	77,756		77,549		78,252
Assumed restricted stock - nonparticipating	59		64		77
Assumed exercise of stock options	423		499		602
Assumed performance units	145		76		86
Weighted average number of common shares outstanding - Diluted	78,383		78,188		79,017
Net income from continuing operations available to common stockholders per share - Diluted	$	5.45	$	5.76	$	6.45
Net loss from discontinued operations per common share - Diluted	$	(0.01)	$	—	$	—
Net income per common share —Diluted	$	5.44	$	5.76	$	6.45
Potentially dilutive securities excluded as anti-dilutive	29		27		18

Stockholders’ Equity - In February 2026, the Board of Directors approved a new $1.0 billion stock repurchase authorization (the “Repurchase Program”) of ADS common stock in accordance with applicable securities laws. The repurchase program does not obligate the Company to acquire any particular amount of common stock and may be suspended or terminated at any time at the Company’s discretion. The Company repurchased 0.7 million and 0.4 million shares of common stock at a cost of $99.2 million and $68.2 million during the fiscal year March 31, 2026 and 2025, respectively.