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Earnings Per Share
9 Months Ended
Mar. 31, 2018
Earnings Per Share [Abstract]  
Earnings Per Share

Note 9.

Earnings Per Share

The following table sets forth the computation of earnings per share for the periods indicated. Basic net income per share has been computed using the weighted average number of shares of common stock outstanding during the period. Diluted net income per share has been computed using the weighted average number of common shares outstanding during the period plus dilutive potential shares of common stock from (1) stock options, performance and restricted shares (under the treasury stock method) and (2) convertible debt (under the If Converted method) outstanding during the period. ($000 except per share data):

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

March 31,

 

 

March 31,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

30,098

 

 

$

22,430

 

 

$

60,835

 

 

$

62,627

 

Numerator for basic income per share

 

$

30,098

 

 

$

22,430

 

 

$

60,835

 

 

$

62,627

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net of tax, on 0.25% Convertible Senior Notes due 2022

 

 

2,520

 

 

 

-

 

 

 

-

 

 

 

-

 

Numerator for diluted income per share

 

$

32,618

 

 

$

22,430

 

 

$

60,835

 

 

$

62,627

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator for basic income per share - weighted average shares

 

 

62,427

 

 

 

62,807

 

 

 

62,491

 

 

 

62,403

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dilutive effect of common stock equivalents

 

 

2,624

 

 

 

2,203

 

 

 

2,633

 

 

 

1,930

 

0.25% Convertible Senior Notes due 2022

 

 

7,331

 

 

 

-

 

 

 

-

 

 

 

-

 

Dilutive potential common shares

 

 

9,955

 

 

 

2,203

 

 

 

2,633

 

 

 

1,930

 

Denominator for diluted income per share

 

 

72,382

 

 

 

65,010

 

 

 

65,124

 

 

 

64,333

 

Net earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per common share

 

$

0.48

 

 

$

0.36

 

 

$

0.97

 

 

$

1.00

 

Diluted earnings per common share

 

$

0.45

 

 

$

0.35

 

 

$

0.93

 

 

$

0.97

 

 

The following table presents potential shares of common stock excluded from the calculation of diluted net income per share as their effect would have been anti-dilutive ($000):

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

March 31,

 

 

March 31,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock options and restricted shares

 

 

199

 

 

 

36

 

 

 

140

 

 

 

163

 

0.25% Convertible Senior Notes due 2022

 

 

-

 

 

 

-

 

 

 

7,331

 

 

 

-

 

Total anti-dilutive shares

 

 

199

 

 

 

36

 

 

 

7,471

 

 

 

163