Basic net income per share is computed using the weighted average number of common shares outstanding during the period. Diluted net income per share is computed by giving effect to potentially dilutive common stock equivalents outstanding during the period, as their effect would be dilutive. Potentially dilutive common shares include shares issuable upon the exercise of stock options, the vesting of RSUs and PSUs, each purchase under the 2016 ESPP, and common stock issuable upon the conversion of convertible debt under the if-converted method.

The computation of basic and diluted net income per share attributable to common stockholders is as follows:


	Three Months Ended April 30,				Nine Months Ended April 30,
	2025		2026		2025		2026
	(in thousands, except per share data)
Numerator:
Net income	$	63,363	$	72,087	$	149,716	$	237,205
Add: Interest expense related to convertible senior notes, net of tax		1,099		1,108		2,074		3,305
Diluted net income	$	64,462	$	73,195	$	151,790	$	240,510
Denominator:
Weighted average shares, basic		267,566		265,950		267,081		268,058
Add: Dilutive effect of common stock equivalents		29,238		21,531		25,861		23,934
Weighted average shares, diluted		296,804		287,481		292,942		291,992

Net income per share attributable to Class A common stockholders, basic	$	0.24	$	0.27	$	0.56	$	0.88
Net income per share attributable to Class A common stockholders, diluted	$	0.22	$	0.25	$	0.52	$	0.82

The following shares of common stock were excluded from the computation of diluted net income per share for the periods presented, as their effect would have been antidilutive:


	Nine Months Ended April 30,
	2025		2026
	(in thousands)
Outstanding stock options, RSUs and PSUs		1,069		5,605
Employee stock purchase plan		86		181
Total		1,155		5,786

Shares that will be issued in connection with our stock awards and shares that will be purchased under the employee stock purchase plan are generally automatically converted into shares of our Class A common stock.