Earnings Per Share

12 Months Ended

Jun. 30, 2024

We compute basic earnings per share 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 603,859, 272,104 and 67,000 for the years ended June 30, 2024, 2023 and 2022, respectively, as the effect would have been anti-dilutive.

Basic and diluted earnings per share for the years ended June 30, 2024, 2023 and 2022 are calculated as follows (in thousands except per share data):


	2024		2023		2022
Numerator:
Net income	$	1,020,951	$	897,556	$	779,437
Denominator:
Basic weighted-average common shares outstanding	147,021		146,765		146,066
Effect of dilutive securities:
Stock options and restricted stock units	529		690		977
Diluted weighted average shares	147,550		147,455		147,043
Basic earnings per share	$	6.94	$	6.12	$	5.34
Diluted earnings per share	$	6.92	$	6.09	$	5.30