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Net Income Per Common Share
 6 Months Ended
Dec. 31, 2014
Earnings Per Share [Abstract]  
Net Income Per Common Share
Net Income Per Common Share

The computation of basic and diluted using the two-class method is as follows (in thousands, except per share amounts):
    
 
Three Months Ended
December 31,
 
Six Months Ended
December 31,
 
2014
 
2013
 
2014
 
2013
Basic net income per common share calculation
 
 
 
 
 
 
 
Net income
$
31,242

 
$
13,335

 
$
52,105

 
$
21,034

Less: Undistributed earnings allocated to participating securities
—

 
(1
)
 
—

 
(28
)
Net income attributable to common shares—basic
$
31,242

 
$
13,334

 
$
52,105

 
$
21,006

Weighted-average number of common shares used to compute basic net income per common share
46,131

 
42,915

 
45,802

 
42,706

Basic net income per common share
$
0.68

 
$
0.31

 
$
1.14

 
$
0.49

Diluted net income per common share calculation
 
 
 
 
 
 
 
Net income
$
31,242

 
$
13,335

 
$
52,105

 
$
21,034

Less: Undistributed earnings allocated to participating securities
—

 
(1
)
 
—

 
(26
)
Net income attributable to common shares—diluted
$
31,242

 
$
13,334

 
$
52,105

 
$
21,008

Weighted-average number of common shares used to compute basic net income per common share
46,131

 
42,915

 
45,802

 
42,706

Dilutive effect of options to purchase common stock
4,960

 
2,124

 
4,765

 
2,346

Weighted-average number of common shares used to compute diluted net income per common share
51,091

 
45,039

 
50,567

 
45,052

Diluted net income per common share
$
0.61

 
$
0.30

 
$
1.03

 
$
0.47



For the three and six months ended December 31, 2014 and 2013, the Company had stock options outstanding that could potentially dilute basic earnings per share in the future, but were excluded from the computation of diluted net income per share in the periods presented, as their effect would have been anti-dilutive. The shares of common stock issuable upon exercise of such anti-dilutive outstanding stock options were 707,000 and 470,000 for the three and six months ended December 31, 2014, respectively, and 6,288,000 and 5,461,000 for the three and six months ended December 31, 2013, respectively.