Earnings Per Share

12 Months Ended

Jun. 30, 2018

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 equity-based awards. The reconciliation of the numerator and denominator of basic and diluted earnings per share was as follows:



	2018		2017		2016
Numerator:
Net income attributable to common shareholders	$	1,060,801	$	983,412	$	806,840
Denominator:
Basic - weighted-average common shares	133,004,613		133,377,547		135,353,321
Increase in weighted-average common shares from dilutive effect of equity-based awards	2,422,221		2,182,217		1,558,369
Diluted - weighted-average common shares, assuming exercise of equity-based awards	135,426,834		135,559,764		136,911,690
Basic earnings per share	$	7.98	$	7.37	$	5.96
Diluted earnings per share	$	7.83	$	7.25	$	5.89

For 2018, 2017 and 2016, 0.5 million, 1.4 million and 3.1 million common shares, respectively, subject to equity-based awards were excluded from the computation of diluted earnings per share because the effect of their exercise would be anti-dilutive.