Earnings Per Share

3 Months Ended

Sep. 30, 2016

9.	Earnings Per Share

ASC 260, Earnings Per Share (ASC 260), requires dual presentation of basic and diluted earnings per share on the face of the income statement. Basic earnings per share excludes dilution and is computed by dividing income by the weighted-average number of common shares outstanding for the period. Diluted earnings per share reflects potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock but not securities that are anti-dilutive, including stock options and SSARs with an exercise price greater than the average market price of the Company’s common stock. Using the treasury stock method, diluted earnings per share include the incremental effect of SSARs, stock options, restricted shares, and those RSUs that are no longer subject to a market or performance condition. There were no anti-dilutive common stock equivalents for the three months ended September 30, 2016 and 2015. The PRSUs granted in September 2016 are excluded from the calculation of diluted earnings per share as the underlying shares are considered to be contingently issuable shares. These shares will be included in the calculation of diluted earnings per share beginning in the first reporting period in which the performance metric is achieved. The chart below shows the calculation of basic and diluted earnings per share (in thousands, except per share amounts):

	Three Months Ended
	September 30,
	2016		2015
Net income	$	36,663	$	34,632
Weighted-average number of basic shares outstanding during the period		24,340		24,208
Dilutive effect of SSARs/stock options and RSUs after application of treasury stock method		588		513
Weighted-average number of diluted shares outstanding during the period		24,928		24,721
Basic earnings per share	$	1.51	$	1.43
Diluted earnings per share	$	1.47	$	1.40