Earnings Per Share

6 Months Ended

Dec. 31, 2020

(9) 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 196,856 and 73,509 for the three months ended December 31, 2020 and 2019, respectively, and 154,888 and 88,624 for the six months ended December 31, 2020 and 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 ‎December 31,				Six Months Ended ‎December 31,
	2020		2019		2020		2019
Numerator:
Net income	$	179,514	$	160,554	$	357,886	$	280,702
Denominator:
Basic weighted-average common shares outstanding		145,246		144,212		145,053		143,966
Effect of dilutive securities:
Stock options and restricted stock units		1,175		1,363		1,297		1,513
Diluted weighted average shares		146,421		145,575		146,350		145,479
Basic earnings per share	$	1.24	$	1.11	$	2.47	$	1.95
Diluted earnings per share	$	1.23	$	1.10	$	2.45	$	1.93