Net Income Per Share (Notes)

12 Months Ended

Jun. 30, 2020

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, 2020, 2019 and 2018 are as follows:



	Year Ended June 30,
	2020		2019		2018
			As Adjusted		As Adjusted
	(Dollars and Shares in Thousands, Except per Share Data)
Net income	$	229,671	$	261,362	$	281,234

Weighted average shares outstanding	68,000		69,925		72,140
Dilutive impact from:
Employee equity awards	727		862		816
Dilutive weighted average shares outstanding	68,727		70,787		72,956
Income per share
Basic	$	3.38	$	3.74	$	3.90
Dilutive	$	3.34	$	3.69	$	3.85

For the years ended June 30, 2020, 2019 and 2018, 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,
	2020	2019	2018
	(Shares in Thousands)
Employee equity awards	670	784	419

Included in the table above are options to purchase 287,809 shares of our common stock as of June 30, 2020 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 June 30, 2020 and expire at various dates through February 17, 2030.