Earnings Per Share

6 Months Ended

Dec. 31, 2018

13.	Earnings Per Share

ASC 260, Earnings Per Share, 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 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,
	2018		2017		2018		2017
Net income	$	68,596	$	142,795	$	147,429	$	184,841
Weighted-average number of basic shares outstanding during the period		24,856		24,622		24,796		24,555
Dilutive effect of RSUs after application of treasury stock method		482		589		585		673
Weighted-average number of diluted shares outstanding during the period		25,338		25,211		25,381		25,228
Basic earnings per share	$	2.76	$	5.80	$	5.95	$	7.53
Diluted earnings per share	$	2.71	$	5.66	$	5.81	$	7.33