Net Income Per Share

9 Months Ended

Mar. 31, 2020

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 and nine months ended March 31, 2020 and 2019 are as follows:



	Three Months Ended March 31,				Nine Months Ended March 31,
	2020		2019		2020		2019
	(Dollars and Shares in Thousands, Except per Share Data)
Net income	$	43,521	$	61,587	$	128,080	$	158,869

Weighted average shares outstanding	67,806		69,423		68,122		70,286

Dilutive impact from:
Employee equity awards	676		737		784		856
Dilutive weighted average shares outstanding	68,482		70,160		68,906		71,142

Income per share
Basic	$	0.64	$	0.89	$	1.88	$	2.26
Dilutive	$	0.64	$	0.88	$	1.86	$	2.23

For the three and nine months ended March 31, 2020 and 2019, 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 March 31, 2020 and 2019:



	Three Months Ended March 31,		Nine Months Ended March 31,
	2020	2019	2020	2019
	(Shares in Thousands)
Employee equity awards	688	803	678	803

Included in the table above are options to purchase 291,679 and 290,007 shares of our common stock during the three and nine months ended March 31, 2020, respectively, which were not included in the computation of dilutive weighted average shares outstanding, because their exercise prices ranged from $116.90 per share to $138.14 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 March 31, 2020 and expire at various dates through February 17, 2030.