Earnings Per Share

12 Months Ended

Jun. 30, 2020

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:



	2020		2019		2018
Numerator:
Net income attributable to common shareholders	$	1,206,341	$	1,512,364	$	1,060,801
Denominator:
Basic - weighted-average common shares	128,418,495		129,997,640		133,004,613
Increase in weighted-average common shares from dilutive effect of equity-based awards	1,386,539		1,783,977		2,422,221
Diluted - weighted-average common shares, assuming exercise of equity-based awards	129,805,034		131,781,617		135,426,834
Basic earnings per share	$	9.39	$	11.63	$	7.98
Diluted earnings per share	$	9.29	$	11.48	$	7.83

For 2020, 2019 and 2018, 0.6 million, 0.9 million and 0.5 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.