Earnings Per Share

9 Months Ended

Mar. 31, 2017

EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per share:



	Three Months Ended March 31,				Nine Months Ended March 31,
	2017		2016		2017		2016
Numerator:
Net income	$	31,328	$	48,788	$	67,117	$	136,026

Denominator (in thousands):
Basic earnings per share - weighted average shares outstanding during the period	103,687		103,265		103,584		103,030
Effect of dilutive stock options, unvested restricted stock and unvested restricted share units	559		822		648		1,138
Diluted earnings per share - adjusted weighted average shares and assumed conversions	104,246		104,087		104,232		104,168

Net income per common share:
Basic	$	0.30	$	0.47	$	0.65	$	1.32
Diluted	$	0.30	$	0.47	$	0.64	$	1.31

Basic earnings per share excludes the dilutive effects of stock options, unvested restricted stock and unvested restricted share units. Diluted earnings per share includes the dilutive effects of common stock equivalents such as stock options and unvested restricted stock awards.

There were 271 and 282 stock based awards excluded from our diluted earnings per share calculations for the three and nine months ended March 31, 2017 and 2016, respectively, as such awards were contingently issuable based on market or performance conditions, and such conditions had not been achieved during the respective periods. Additionally, 5 and 195 restricted stock awards were excluded from our diluted earnings per share calculation for both the three and nine months ended March 31, 2017 and 2016, respectively, as such awards were antidilutive.

Share-Repurchase Program

On June 21, 2017, the Company's Board of Directors authorized the repurchase of up to $250,000 of the Company’s issued and outstanding common stock. The extent to which the Company repurchases its shares and the timing of such repurchases will depend upon market conditions and other corporate considerations including the Company’s historical strategy of pursuing accretive acquisitions.