9.	Earnings Per Share

ASC 260, Earnings Per Share (ASC 260), requires dual presentation of basic and diluted earnings per share on the face of the income statement. Basic earnings per share excludes dilution and is computed by dividing income by the weighted-average number of common shares outstanding for the period. Diluted earnings per share reflects potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock but not securities that are anti-dilutive. Using the treasury stock method, diluted earnings per share include the incremental effect of RSUs that are no longer subject to a market or performance condition. The PRSUs granted in September 2017 are excluded from the calculation of diluted earnings per share as the underlying shares are considered to be contingently issuable shares. These shares will be included in the calculation of diluted earnings per share beginning in the first reporting period in which the performance metric is achieved. The chart below shows the calculation of basic and diluted earnings per share (in thousands, except per share amounts):

	Three Months Ended				Six Months Ended
	December 31,				December 31,
	2017		2016		2017		2016
Net income	$	142,795	$	42,420	$	184,841	$	79,083
Weighted-average number of basic shares outstanding during the period		24,622		24,387		24,555		24,363
Dilutive effect of RSUs after application of treasury stock method		589		682		673		635
Weighted-average number of diluted shares outstanding during the period		25,211		25,069		25,228		24,998
Basic earnings per share	$	5.80	$	1.74	$	7.53	$	3.25
Diluted earnings per share	$	5.66	$	1.69	$	7.33	$	3.16