Earnings Per Share

3 Months Ended

Sep. 30, 2025

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 33,990 and 159,055 for the three months ended September 30, 2025 and 2024, 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 September 30,
	2025		2024
Numerator:
Net income	$	348,536	$	311,355
Denominator:
Basic weighted-average common shares outstanding	146,182		146,861
Effect of dilutive securities:
Stock options and restricted stock units	717		738
Diluted weighted average shares	146,899		147,599
Basic earnings per share	$	2.38	$	2.12
Diluted earnings per share	$	2.37	$	2.11