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Earnings Per Share

12 Months Ended

Jun. 30, 2020

(12) Earnings Per Share

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 164,000, 200,000 and 153,000 for the years ended June 30, 2020, 2019 and 2018, respectively, as the effect would have been anti-dilutive.

Basic and diluted earnings per share for the years ended June 30, 2020, 2019 and 2018 are calculated as follows (in thousands except per share data):



	2020		2019		2018
Numerator:
Net income	$	621,674	$	404,592	$	315,588
Denominator:
Basic weighted-average common shares outstanding		144,338		143,111		142,764
Effect of dilutive securities:
Stock options and restricted stock units		1,314		1,373		1,223
Diluted weighted average shares		145,652		144,484		143,987
Basic earnings per share	$	4.31	$	2.83	$	2.21
Diluted earnings per share	$	4.27	$	2.80	$	2.19