Note 9 - Earnings Per Share

12 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Earnings Per Share [Text Block]

Note 9. Earnings Per Share:

The following table reflects the calculation of basic and diluted earnings per share (in thousands, except per share amounts):

	Year Ended June 30,
	2020			2019			2018
Earnings per share – basic:
Net income	$	229,296		$	96,072		$	126,150
Income allocated to participating securities		(224	)		(105	)		(108	)
Income available to common shareholders	$	229,072		$	95,967		$	126,042
Weighted-average shares outstanding – basic		38,201			37,781			37,476
Earnings per share – basic	$	6.00		$	2.54		$	3.36
Earnings per share – diluted:
Net income	$	229,296		$	96,072		$	126,150
Income allocated to participating securities		(224	)		(105	)		(108	)
Income available to common shareholders	$	229,072		$	95,967		$	126,042
Weighted-average shares outstanding – basic		38,201			37,781			37,476
Dilutive effect of stock options and restricted stock units		1,200			1,111			579
Weighted-average common shares outstanding – diluted		39,401			38,892			38,055
Earnings per share – diluted	$	5.82		$	2.47		$	3.31

Basic net income per common share is calculated based on the weighted average number of common shares outstanding during the period. Diluted net income per common share is computed by dividing net income by the weighted average number of common and potentially dilutive common shares outstanding during the period. Potentially dilutive common shares of our stock result from dilutive common stock options and restricted stock units. We use the treasury stock method to calculate the weighted-average shares used in the diluted earnings per share computation. Under the treasury stock method, the proceeds from exercise of an option, the amount of compensation cost, if any, for future service that we have not yet recognized, and the amount of estimated tax benefits that would be recorded in paid-in capital, if any, when the option is exercised are assumed to be used to repurchase shares in the current period.

The dilutive effect of stock options in the above table excludes all options for which the aggregate exercise proceeds exceeded the average market price for the period. The number of potentially dilutive option shares excluded from the calculation was 0.9 million, 1.3 million, and 0.9 million for the fiscal years ended June 30, 2020, 2019 and 2018, respectively.