Earnings Per Share

9 Months Ended

Mar. 31, 2020

(11) Earnings Per Share

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 267,556 and 356,583 for the three months ended March 31, 2020 and March 31, 2019, respectively, and 128,789 and 161,314 for the nine months ended March 31, 2020 and March 31, 2019, 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,
	2020		2019		2020		2019
Numerator:
Net income	$	163,137	$	105,416	$	443,839	$	335,791
Denominator:
Basic weighted-average common shares outstanding		144,638		143,316		144,112		142,907
Effect of dilutive securities:
Stock options and restricted stock units		1,042		1,017		1,378		1,437
Diluted weighted average shares		145,680		144,333		145,490		144,344
Basic earnings per share	$	1.13	$	0.74	$	3.08	$	2.35
Diluted earnings per share	$	1.12	$	0.73	$	3.05	$	2.33