EARNINGS PER SHARE

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



	Three Months Ended December 31,				Six Months Ended December 31,
	2017		2016		2017		2016
Numerator:
Net income	$	47,103	$	27,185	$	66,949	$	35,789

Denominator:
Basic weighted average shares outstanding	103,837		103,597		103,773		103,532
Effect of dilutive stock options, unvested restricted stock and unvested restricted share units	603		607		606		693
Diluted weighted average shares outstanding	104,440		104,204		104,379		104,225

Net income per common share:
Basic	$	0.45	$	0.26	$	0.65	$	0.35
Diluted	$	0.45	$	0.26	$	0.64	$	0.34

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 567 and 275 stock-based awards excluded from our diluted earnings per share calculations for the three and six months ended December 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, 27 restricted stock awards were excluded from our diluted earnings per share calculation for the three and six months ended December 31, 2016 as such awards were antidilutive. Restricted stock awards excluded from our diluted earnings per share calculation for the three and six months ended December 31, 2017 were de minimis.

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. Repurchases may be made from time to time in the open market, pursuant to pre-set trading plans, in private transactions or otherwise. The authorization does not have a stated expiration date. 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. As of December 31, 2017, the Company had not repurchased any shares under this program and had $250,000 of remaining capacity under the share repurchase program.