Net Income Per Share (Notes)

12 Months Ended

Jun. 30, 2017

Net Income Per Share

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 years ended June 30, 2017, 2016 and 2015 are as follows:



	Year Ended June 30,
	2017		2016		2015
	(Dollars and Shares in Thousands, Except per Share Data)
Net income	$	162,196	$	139,951	$	118,407

Weighted average shares outstanding	76,491		82,892		88,398
Dilutive impact from:
Employee equity awards	487		417		618
Dilutive weighted average shares outstanding	76,978		83,309		89,016
Income per share
Basic	$	2.12	$	1.69	$	1.34
Dilutive	$	2.11	$	1.68	$	1.33

For the years ended June 30, 2017, 2016 and 2015, certain employee equity awards were anti-dilutive based on the treasury stock method. Additionally, during the year ended June 30, 2017, options to purchase 27,778 shares of our common stock were not included in the computation of dilutive weighted average shares outstanding, because their exercise prices ranged from $54.22 per share to $63.05 per share and were greater than the average market price of our common stock during the period then ended. These options were outstanding as of June 30, 2017 and expire at various dates through June 5, 2027.

The following potential common shares were excluded from the calculation of dilutive weighted average shares outstanding because their effect would be anti-dilutive at the balance sheet date:



	Year Ended June 30,
	2017	2016	2015
	(Shares in Thousands)
Employee equity awards	525	1,028	587