Net Income Per Share

3 Months Ended

Sep. 30, 2016

Basic income per share is determined by dividing net income by the weighted average common shares outstanding during the period. Diluted income per share is determined by dividing net income by diluted weighted average shares outstanding during the period. Diluted weighted average shares reflect the dilutive effect, if any, of potential common shares. To the extent their effect is dilutive, employee equity awards and other commitments to be settled in common stock are included in the calculation of diluted net income per share based on the treasury stock method.

The calculations of basic and diluted net income per share and basic and dilutive weighted average shares outstanding for the three months ended September 30, 2016 and 2015 are as follows:



	Three Months Ended September 30,
	2016		2015
	(Dollars and Shares in Thousands, Except per Share Data)
Net income	$	35,000	$	36,771

Weighted average shares outstanding	79,048		83,876

Dilutive impact from:
Share-based payment awards	337		444
Dilutive weighted average shares outstanding	79,385		84,320

Income per share
Basic	$	0.44	$	0.44
Dilutive	$	0.44	$	0.44

For the three months ended September 30, 2016 and 2015, certain employee equity awards were anti-dilutive based on the treasury stock method. Additionally, options to purchase 762,113 shares of our common stock were not included in the computation of dilutive weighted average shares outstanding, as of September 30, 2016, because their exercise prices ranged from $44.38 per share to $47.40 per share and were greater than the average market price of our common stock during the periods then ended. These options were outstanding as of September 30, 2016 and expire at various dates through June 30, 2020.

The following employee equity awards were excluded from the calculation of dilutive weighted average shares outstanding because their effect would be anti-dilutive as of September 30, 2016 and 2015:



	Three Months Ended September 30,
	2016	2015
	(Shares in Thousands)
Employee equity awards	1,535	1,187