(11) Earnings Per Share

Basic earnings per share is computed by dividing the net income available to common stockholders by the weighted average number of shares of common stock outstanding. For purposes of calculating diluted earnings per share, the denominator includes both the weighted average number of shares of common stock outstanding and the number of dilutive common stock equivalents such as stock options and restricted stock units.

Stock options and restricted stock units of 126,390 and 410,520 for the three months ended December 31, 2017 and December 31, 2016, respectively, and stock options and restricted stock units of 159,603 and 337,487 for the six months ended December 31, 2017 and December 31, 2016, respectively, were not included in the computation of diluted earnings per share as the effect would have been anti-dilutive.

Basic and diluted earnings per share for the three and six months ended December 31, 2017 and December 31, 2016 are calculated as follows (in thousands except per share data):


	Three Months Ended December 31,				Six Months Ended December 31,
	2017		2016		2017		2016
Numerator:
Net income	$	9,527	$	76,743	$	95,651	$	152,849
Denominator:
Basic weighted-average common shares outstanding		142,715		141,310		142,511		141,048
Effect of dilutive securities:
Stock options and restricted stock units		1,140		787		1,246		934
Diluted weighted average shares		143,855		142,097		143,757		141,982
Basic earnings per share	$	0.07	$	0.54	$	0.67	$	1.08
Diluted earnings per share	$	0.07	$	0.54	$	0.67	$	1.08