Earnings Per Share

12 Months Ended

Jun. 30, 2019

(12) Earnings Per Share

We compute basic earnings per share 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.

The weighted average number of outstanding stock options and restricted stock units not included in the computation of diluted earnings per share were 200,000, 153,000 and 173,000 for the years ended June 30, 2019, 2018 and 2017, respectively, as the effect would have been anti-dilutive.

Basic and diluted earnings per share for the years ended June 30, 2019, 2018 and 2017 are calculated as follows (in thousands except per share data):



	2019		2018		2017
Numerator:
Net income	$	404,592	$	315,588	$	342,284
Denominator:
Basic weighted-average common shares outstanding		143,111		142,764		141,360
Effect of dilutive securities:
Stock options and restricted stock units		1,373		1,223		1,093
Diluted weighted average shares		144,484		143,987		142,453
Basic earnings per share	$	2.83	$	2.21	$	2.42
Diluted earnings per share	$	2.80	$	2.19	$	2.40