Earnings Per Share

3 Months Ended

Sep. 30, 2022

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 113,167 and 1,322 for the three months ended September 30, 2022 and 2021, 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 September 30,
	2022		2021
Numerator:
Net income	$	210,478	$	203,613
Denominator:
Basic weighted-average common shares outstanding	146,431		145,680
Effect of dilutive securities:
Stock options and restricted stock units	703		1,180
Diluted weighted average shares	147,134		146,860
Basic earnings per share	$	1.44	$	1.40
Diluted earnings per share	$	1.43	$	1.39