Earnings Per Share

6 Months Ended

Dec. 31, 2019

Basic earnings per share is computed using the weighted average number of shares outstanding during the period, while diluted earnings per share is calculated to reflect the potential dilution that would occur related to the issuance of capital stock under stock option grants, performance awards and restricted stock units. The difference between basic and diluted earnings per share relates solely to the effect of capital stock options, performance awards and restricted stock units.

The following tables provide the computation of diluted shares outstanding for the three months ended December 31, 2018 and the six months ended December 31, 2019 and 2018:



	Three Months Ended December 31,	Six Months Ended December 31,
(in thousands)	2018	2019	2018
Weighted-average shares outstanding during period	82,331	82,979	82,218
Add: Unexercised stock options and unvested restricted stock units	979	639	1,015
Number of shares on which diluted earnings per share is calculated	83,310	83,618	83,233
Unexercised stock options with an exercise price greater than the average market price and restricted stock units not included in the computation because they were anti-dilutive	469	641	400

For the three months ended December 31, 2019, the effect of unexercised capital stock options and unvested restricted stock units was anti-dilutive as a result of a net loss in the period and therefore has been excluded from diluted shares outstanding as well as from the diluted earnings per share calculations.