Earnings Per Share

12 Months Ended

Jun. 30, 2023

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 272,104, 67,000 and 141,000 for the years ended June 30, 2023, 2022 and 2021, respectively, as the effect would have been anti-dilutive.

Basic and diluted earnings per share for the years ended June 30, 2023, 2022 and 2021 are calculated as follows (in thousands except per share data):


	2023		2022		2021
Numerator:
Net income	$	897,556	$	779,437	$	474,505
Denominator:
Basic weighted-average common shares outstanding	146,765		146,066		145,313
Effect of dilutive securities:
Stock options and restricted stock units	690		977		1,138
Diluted weighted average shares	147,455		147,043		146,451
Basic earnings per share	$	6.12	$	5.34	$	3.27
Diluted earnings per share	$	6.09	$	5.30	$	3.24