Earnings Per Share

12 Months Ended

Jun. 30, 2017

Basic earnings per share are computed using the weighted-average number of common shares outstanding during the year. Diluted earnings per share are computed using the weighted-average number of common shares and common share equivalents outstanding during the year. Common share equivalents represent the dilutive effect of outstanding stock-based awards. The computation of net income per share was as follows:



	2017		2016		2015
Numerator:
Net income attributable to common shareholders	$	983,412	$	806,840	$	1,012,140
Denominator:
Basic - weighted-average common shares	133,377,547		135,353,321		142,925,327
Increase in weighted-average common shares from dilutive effect of stock-based awards	2,182,217		1,558,369		2,186,823
Diluted - weighted-average common shares, assuming exercise of stock-based awards	135,559,764		136,911,690		145,112,150
Basic earnings per share	$	7.37	$	5.96	$	7.08
Diluted earnings per share	$	7.25	$	5.89	$	6.97

For 2017, 2016 and 2015, 1.4 million, 3.1 million and 1.1 million common shares, respectively, subject to stock-based awards were excluded from the computation of diluted earnings per share because the effect of their exercise would be anti-dilutive.