Earnings Per Share

9 Months Ended

Mar. 31, 2023

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 403,736 and 307,368 for the three months ended March 31, 2023 and 2022, respectively, and 290,639 and 52,599 for the nine months ended March 31, 2023 and 2022, 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 March 31,				Nine Months Ended March 31,
	2023		2022		2023		2022
Numerator:
Net income	$	232,500	$	179,012	$	667,892	$	584,376
Denominator:
Basic weighted-average common shares outstanding	146,914		146,240		146,681		145,969
Effect of dilutive securities:
Stock options and restricted stock units	481		722		719		1,065
Diluted weighted average shares	147,395		146,962		147,400		147,034
Basic earnings per share	$	1.58	$	1.22	$	4.55	$	4.00
Diluted earnings per share	$	1.58	$	1.22	$	4.53	$	3.97