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Net Income Per Share
 3 Months Ended
Sep. 30, 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 months ended September 30, 2015 and 2014 are as follows:

 

 

 

Three Months Ended

 

 

 

September 30,

 

 

 

2015

 

2014

 

 

 

(Dollars and Shares in Thousands,
Except per Share Data)

 

 

 

 

 

 

 

Net income

 

$
36,771 

 

$
28,967 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding

 
83,876 

 
91,183 

 

 

 

 

 

 

 

Dilutive impact from:

 

 

 

 

 

Share-based payment awards

 
444 

 
708 

 

 

 

 

 

 

 

Dilutive weighted average shares outstanding

 
84,320 

 
91,891 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income per share

 

 

 

 

 

Basic

 

$
0.44 

 

$
0.32 

 

Dilutive

 

$
0.44 

 

$
0.32 

 

 

For the three months ended September 30, 2015 and 2014, certain employee equity awards were anti-dilutive based on the treasury stock method. Additionally, options to purchase 621,054 shares of our common stock were not included in the computation of dilutive weighted average shares outstanding, as of September 30, 2015, because their exercise prices ranged from $41.87 per share to $47.40 per share and were greater than the average market price of our common stock.  The options were outstanding as of September 30, 2015 and expire at various dates through August 2025.

 

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 September 30, 2015 and 2014:

 

 

 

Three Months Ended

 

 

 

September 30,

 

 

 

2015

 

2014

 

 

 

(Shares in Thousands)

 

 

 

 

 

 

 

Employee equity awards

 
1,187 

 
633