Earnings Per Share

9 Months Ended

Mar. 31, 2024

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 578,065 and 403,736 for the three months ended March 31, 2024 and 2023, respectively, and 618,664 and 290,639 for the nine months ended March 31, 2024 and 2023, 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,
	2024		2023		2024		2023
Numerator:
Net income	$	300,492	$	232,500	$	728,715	$	667,892
Denominator:
Basic weighted-average common shares outstanding	146,959		146,914		147,056		146,681
Effect of dilutive securities:
Stock options and restricted stock units	491		481		493		719
Diluted weighted average shares	147,450		147,395		147,549		147,400
Basic earnings per share	$	2.04	$	1.58	$	4.96	$	4.55
Diluted earnings per share	$	2.04	$	1.58	$	4.94	$	4.53