Earnings per Share

6 Months Ended

Dec. 31, 2015

The following table presents the calculations of earnings per share:



	Three Months				Six Months
Periods ended December 31,	2015		2014		2015		2014
(In thousands except per share data)
Net earnings	$	32,519	$	39,591	$	43,548	$	68,956
Basic average shares outstanding	44,640		44,483		44,626		44,471
Dilutive effect of stock options and equivalents	718		785		747		753
Diluted average shares outstanding	45,358		45,268		45,373		45,224
Earnings per share
Basic earnings per share	$	0.73	$	0.89	$	0.98	$	1.55
Diluted earnings per share	0.72		0.87		0.96		1.52

For the three months ended December 31, 2015 and 2014, antidilutive options excluded from the above calculations totaled 1.5 million (with a weighted average exercise price of $48.58) and 1.0 million (with a weighted average exercise price of $50.29), respectively. For the six months ended December 31, 2015 and 2014, antidilutive options excluded from the above calculations totaled 1.3 million (with a weighted average exercise price of $49.26) and 1.4 million (with a weighted average exercise price of $50.16), respectively.

In the six months ended December 31, 2015 and 2014, options were exercised to purchase 0.1 million and 0.8 million common shares, respectively.