Net Income Per Share

6 Months Ended

Dec. 31, 2014

Net Income Per Share

Net Income (Loss) Per Share

10.  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 three and six months ended December 31, 2014 and 2013 are as follows:

	Three Months Ended				Six Months Ended
	December 31,				December 31,
	2014		2013		2014		2013
	(Dollars and Shares in Thousands, Except per Share Data)
Net income	$	30,464	$	23,263	$	59,432	$	38,262
Weighted average shares outstanding	89,942		92,839		90,562		93,124
Dilutive impact from:
Share-based payment awards	529		977		634		1,013
Dilutive weighted average shares outstanding	90,471		93,816		91,196		94,137
Income per share
Basic	$	0.34	$	0.25	$	0.66	$	0.41
Dilutive	$	0.34	$	0.25	$	0.65	$	0.41

For the three and six months ended December 31, 2014 and 2013, certain employee equity awards were anti-dilutive based on the treasury stock method. Additionally, options to purchase 287,463 shares of our common stock were not included in the computation of dilutive weighted average shares outstanding, as of December 31, 2014, because their exercise prices ranged from $38.71 per share to $47.40 per share and were greater than the average market price of our common stock during the three and six months ended December 31, 2014.  These options were outstanding as of December 31, 2014 and expire at various dates through July 31, 2024.

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 December 31, 2014 and 2013:

	Three Months Ended		Six Months Ended
	December 31,		December 31,
	2014	2013	2014	2013
	(Shares in Thousands)
Employee equity awards	832	312	640	652