Net Income Per Share (Notes)

12 Months Ended

Jun. 30, 2019

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, 2019, 2018 and 2017 are as follows:



	Year Ended June 30,
	2019		2018		2017
			As Adjusted		As Adjusted
	(Dollars and Shares in Thousands, Except per Share Data)
Net income	$	262,734	$	293,703	$	179,386

Weighted average shares outstanding	69,925		72,140		76,491
Dilutive impact from:
Employee equity awards	862		816		487
Dilutive weighted average shares outstanding	70,787		72,956		76,978
Income per share
Basic	$	3.76	$	4.07	$	2.35
Dilutive	$	3.71	$	4.03	$	2.33

For the years ended June 30, 2019, 2018 and 2017, certain employee equity awards were anti-dilutive based on the treasury stock method. 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 the balance sheet date:



	Year Ended June 30,
	2019	2018	2017
	(Shares in Thousands)
Employee equity awards	784	419	525

Included in the table above are options to purchase 245,252 shares of our common stock as of June 30, 2019 which were not included in the computation of dilutive weighted average shares outstanding, because their exercise prices ranged from $103.19 per share to $123.56 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, 2019 and expire at various dates through June 23, 2029.