Earnings Per Share

12 Months Ended

Jun. 30, 2019

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:



	2019		2018		2017
Numerator:
Net income attributable to common shareholders	$	1,512,364	$	1,060,801	$	983,412
Denominator:
Basic - weighted-average common shares	129,997,640		133,004,613		133,377,547
Increase in weighted-average common shares from dilutive effect of equity-based awards	1,783,977		2,422,221		2,182,217
Diluted - weighted-average common shares, assuming exercise of equity-based awards	131,781,617		135,426,834		135,559,764
Basic earnings per share	$	11.63	$	7.98	$	7.37
Diluted earnings per share	$	11.48	$	7.83	$	7.25

For 2019, 2018 and 2017, 0.9 million, 0.5 million and 1.4 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.