Earnings Per Share

12 Months Ended

Jun. 30, 2022

Note 14 – Earnings Per Share

Earnings per share and the weighted-average number of diluted shares are computed as follows (in thousands, except per share data):

	Year Ended June 30,
	2022		2021		2020
Net income	$	366,794	$	457,443	$	321,480
Weighted-average number of basic shares outstanding during the period		23,446		24,705		25,031
Dilutive effect of RSUs after application of treasury stock method		231		287		454
Weighted-average number of diluted shares outstanding during the period		23,677		24,992		25,485
Basic earnings per share	$	15.64	$	18.52	$	12.84
Diluted earnings per share	$	15.49	$	18.30	$	12.61

Accelerated Share Repurchase

On March 12, 2021, the Company entered into an accelerated share repurchase agreement (ASR Agreement) with JPMorgan Chase Bank, National Association (JPMorgan). Under the ASR Agreement, the Company paid $500.0 million to JPMorgan and received an initial delivery of 1.7 million shares of common stock which became treasury shares. During the year ended June 30, 2022, the ASR Agreement was completed and an additional 0.3 million shares of common stock were received which became treasury shares. In total, 2.0 million shares were repurchased at an average price per share of $253.47.