Earnings Per Share

6 Months Ended

Dec. 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 663,485 and 293,796 for the three months ended December 31, 2023 and 2022,

respectively, and 643,466 and 270,100 for the six months ended December 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 December 31,				Six Months Ended December 31,
	2023		2022		2023		2022
Numerator:
Net income	$	208,800	$	224,914	$	428,222	$	435,392
Denominator:
Basic weighted-average common shares outstanding	147,132		146,704		147,104		146,568
Effect of dilutive securities:
Stock options and restricted stock units	413		701		468		799
Diluted weighted average shares	147,545		147,405		147,572		147,367
Basic earnings per share	$	1.42	$	1.53	$	2.91	$	2.97
Diluted earnings per share	$	1.42	$	1.53	$	2.90	$	2.95