Earnings Per Share

6 Months Ended

Dec. 31, 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 293,796 and 49,762 for the three months ended December 31, 2022 and 2021, respectively, and 270,100 and 25,470 for the six months ended December 31, 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 December 31,				Six Months Ended December 31,
	2022		2021		2022		2021
Numerator:
Net income	$	224,914	$	201,751	$	435,392	$	405,364
Denominator:
Basic weighted-average common shares outstanding	146,704		145,990		146,568		145,835
Effect of dilutive securities:
Stock options and restricted stock units	701		1,050		799		1,209
Diluted weighted average shares	147,405		147,040		147,367		147,044
Basic earnings per share	$	1.53	$	1.38	$	2.97	$	2.78
Diluted earnings per share	$	1.53	$	1.37	$	2.95	$	2.76