Earnings Per Share

6 Months Ended

Dec. 31, 2019

(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.

The weighted average number of outstanding stock options and restricted stock units not included in the computation of diluted earnings per share were 73,509 and 161,036 for the three months ended December 31, 2019 and December 31, 2018, respectively, and 88,624 and 85,521 for the six months ended December 31, 2019 and December 31, 2018, respectively, as the effect would have been anti-dilutive.

Basic and diluted earnings per share are calculated as follows (in thousands except per share data):



	Three Months Ended ‎December 31,				Six Months Ended ‎December 31,
	2019		2018		2019		2018
Numerator:
Net income	$	160,554	$	124,639	$	280,702	$	230,377
Denominator:
Basic weighted-average common shares outstanding		144,212		142,923		143,966		142,796
Effect of dilutive securities:
Stock options and restricted stock units		1,363		1,426		1,513		1,622
Diluted weighted average shares		145,575		144,349		145,479		144,418
Basic earnings per share	$	1.11	$	0.87	$	1.95	$	1.61
Diluted earnings per share	$	1.10	$	0.86	$	1.93	$	1.60