EARNINGS PER SHARE

9 Months Ended

Mar. 31, 2022

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


	Three Months Ended March 31,				Nine Months Ended March 31,
	2022		2021		2022		2021
Numerator:
Net income from continuing operations	$	24,531	$	34,254	$	74,831	$	25,624
Net income from discontinued operations	—		—		—		11,255
Net income	$	24,531	$	34,254	$	74,831	$	36,879

Denominator:
Basic weighted average shares outstanding	91,139		99,831		94,099		100,502
Effect of dilutive stock options, unvested restricted stock and unvested restricted share units	171		1,765		420		883
Diluted weighted average shares outstanding	91,310		101,596		94,519		101,385

Basic net income per common share:
Continuing operations	$	0.27	$	0.34	$	0.80	$	0.25
Discontinued operations	—		—		—		0.11
Basic net income per common share	$	0.27	$	0.34	$	0.80	$	0.36

Diluted net income per common share:
Continuing operations	$	0.27	$	0.34	$	0.79	$	0.25
Discontinued operations	—		—		—		0.11
Diluted net income per common share	$	0.27	$	0.34	$	0.79	$	0.36

There were 508 and 4 restricted stock awards excluded from our calculation of diluted net income per share for the three months ended March 31, 2022 and 2021, respectively, as such awards were anti-dilutive. There were 275 and 182 restricted stock awards excluded from the calculation of diluted net income per share for the nine months ended March 31, 2022 and 2021, respectively, as such awards were anti-dilutive.

Additionally, 231 and 23 stock-based awards outstanding at March 31, 2022 and 2021, respectively, were excluded from the calculation of diluted net income per share for the three months ended March 31, 2022 and 2021, respectively, as such awards were contingently issuable based on market or performance conditions, and such conditions had not been achieved during the respective periods. There were 541 and 957 stock-based awards outstanding at March 31, 2022 and 2021, respectively, that were excluded from the calculation of diluted net income per share for the nine months ended March 31, 2022 and 2021, respectively, as such awards were contingently issuable based on market or performance conditions.

Share Repurchase Program

In June 2017, August 2021 and January 2022, the Company's Board of Directors authorized the repurchase of up to $250,000, $300,000 and $200,000 of the Company’s issued and outstanding common stock, respectively. Share repurchases under the 2021 and 2022 authorizations commenced after the previous authorizations were fully utilized. Repurchases may be made from time to time in the open market, pursuant to pre-set trading plans, in private transactions or otherwise. The current 2022 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. In November 2021, the Company entered into a share repurchase agreement with affiliates of Engaged Capital, LLC (collectively, the “Selling Stockholders”), pursuant to which the Company repurchased 1,700 shares directly from the Selling Stockholders at a price of $45.00 per share (see Note 19, Related Party Transactions). During the nine months ended March 31, 2022, the Company repurchased 10,126 shares under the repurchase program, inclusive of the shares repurchased from the Selling Stockholders, for a total of $395,821, excluding commissions, at an average price of $39.09 per share. As of March 31, 2022, the Company had $186,579 of remaining authorization under the share repurchase program. During the nine months ended March 31, 2021, the Company repurchased 2,408 shares under the repurchase program for a total of $80,255, excluding commissions, at an average price of $33.33 per share.