Note 12 - Earnings Per Share

6 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Earnings Per Share [Text Block]

(12) Earnings Per Share

We compute basic earnings per share (“EPS”) by dividing net income by the weighted average number of common shares outstanding during the period. Diluted EPS is calculated similarly, except that the weighted average outstanding shares are adjusted to include the effects of converting all potentially dilutive share-based awards issued under our employee stock plans. The number of potential common shares outstanding are determined in accordance with the treasury stock method to the extent they are dilutive.

Basic and diluted EPS are calculated using the following weighted average share data (in thousands):

	Three months ended				Six months ended
	December 31,				December 31,
	2020		2019		2020		2019
Weighted average shares outstanding for basic calculation		25,239		26,580		25,209		26,646
Dilutive effect of stock options and other share-based awards		70		32		48		35
Weighted average shares outstanding adjusted for dilution calculation		25,309		26,612		25,257		26,681

Dilutive potential common shares consist of stock options, restricted stock units and performance units. 

As of December 31, 2020 and 2019, total share-based awards of 270,108 and 280,437, respectively, were excluded from the diluted EPS calculations because their inclusion would have been anti-dilutive.

As of December 31, 2020 and 2019, the number of performance units excluded from the calculation of diluted EPS was 316,445 and 287,287, respectively. Contingently issuable shares with performance conditions are evaluated for inclusion in diluted EPS if, at the end of current period, conditions would be satisfied as if it were the end of the contingency period.