Earnings Per Share

9 Months Ended

Mar. 31, 2019

13.	Earnings Per Share

ASC 260, Earnings Per Share, 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 RSUs that are no longer subject to a market or performance condition. 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,
	2019		2018		2019		2018
Net income	$	68,145	$	64,499	$	215,574	$	249,340
Weighted-average number of basic shares outstanding during the period		24,866		24,656		24,819		24,588
Dilutive effect of RSUs after application of treasury stock method		482		578		550		641
Weighted-average number of diluted shares outstanding during the period		25,348		25,234		25,369		25,229
Basic earnings per share	$	2.74	$	2.62	$	8.69	$	10.14
Diluted earnings per share	$	2.69	$	2.56	$	8.50	$	9.88