Net Income Per Share

9 Months Ended

Mar. 31, 2015

Net Income Per Share

Net Income 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 nine months ended of March 31, 2015 and 2014 were as follows:

	Three Months Ended				Nine Months Ended
	March 31,				March 31,
	2015		2014		2015		2014
	(Dollars and Shares in Thousands, Except per Share Data)
Net income	$	28,170	$	20,843	$	87,601	$	59,105
Weighted average shares outstanding	87,355		92,414		89,509		92,891
Dilutive impact from:
Share-based payment awards	498		951		612		1,060
Dilutive weighted average shares outstanding	87,853		93,365		90,121		93,951
Income per share
Basic	$	0.32	$	0.23	$	0.98	$	0.64
Dilutive	$	0.32	$	0.22	$	0.97	$	0.63

For the three and nine months ended March 31, 2015 and 2014, certain employee equity awards were anti-dilutive based on the treasury stock method. Additionally, during the three and nine months ended March 31, 2015, options to purchase 289,537 shares and 287,582 shares of our common stock were excluded from the computation of dilutive weighted average shares outstanding because their exercise prices ranged from $37.66 per share to $47.40 per share and were greater than the average market price of our common stock during the periods then ended. These options were outstanding as of March 31, 2015 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 they could potentially dilute income per share in future periods and their effect would be anti-dilutive as of March 31, 2015 and 2014:

	Three Months Ended		Nine Months Ended
	March 31,		March 31,
	2015	2014	2015	2014
	(Shares in Thousands)
Employee equity awards	801	61	762	325