Earnings Per Share

12 Months Ended

Jun. 30, 2021

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:


	2021		2020*		2019*
Numerator:
Net income attributable to common shareholders	$	1,746,100	$	1,201,970	$	1,524,516
Denominator:
Basic - weighted-average common shares	128,999,879		128,418,495		129,997,640
Increase in weighted-average common shares from dilutive effect of equity-based awards	1,834,599		1,386,539		1,783,977
Diluted - weighted-average common shares, assuming exercise of equity-based awards	130,834,478		129,805,034		131,781,617
Basic earnings per share	$	13.54	$	9.36	$	11.73
Diluted earnings per share	$	13.35	$	9.26	$	11.57

*Years ended June 30, 2020 and 2019 amounts have been adjusted to reflect the change in inventory accounting method, as described in Notes 1 and 7 to the Consolidated Financial Statements.

For 2021, 2020 and 2019, 0.4 million, 0.6 million and 0.9 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.