Earnings Per Share

12 Months Ended

Jun. 30, 2023

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:


	2023		2022		2021
Numerator:
Net income attributable to common shareholders	$	2,082,936	$	1,315,605	$	1,746,100
Denominator:
Basic - weighted-average common shares	128,367,842		128,539,387		128,999,879
Increase in weighted-average common shares from dilutive effect of equity-based awards	1,454,243		1,816,556		1,834,599
Diluted - weighted-average common shares, assuming exercise of equity-based awards	129,822,085		130,355,943		130,834,478
Basic earnings per share	$	16.23	$	10.24	$	13.54
Diluted earnings per share	$	16.04	$	10.09	$	13.35

For 2023, 2022 and 2021, 1.0 million, 0.4 million and 0.4 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.