Earnings Per Share

9 Months Ended

Mar. 31, 2017

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. Using the treasury stock method, diluted earnings per share include the incremental effect of restricted shares and those RSUs that are no longer subject to a market or performance condition. 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				Nine Months Ended
	March 31,				March 31,
	2017		2016		2017		2016
Net income	$	40,357	$	34,116	$	119,440	$	99,200
Weighted-average number of basic shares outstanding during the period		24,419		24,277		24,382		24,243
Dilutive effect RSUs after application of treasury stock method		687		524		652		526
Weighted-average number of diluted shares outstanding during the period		25,106		24,801		25,034		24,769
Basic earnings per share	$	1.65	$	1.41	$	4.90	$	4.09
Diluted earnings per share	$	1.61	$	1.38	$	4.77	$	4.01