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EARNINGS PER COMMON SHARE | 9 Months Ended
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Mar. 31, 2022
Earnings Per Share [Abstract] |
EARNINGS PER COMMON SHARE | EARNINGS PER COMMON SHARE Earnings per common share (“EPS”) is presented under two formats: basic EPS and diluted EPS. Basic EPS is computed by dividing the net income attributable to common stock (net income after deducting dividends on preferred stock and preferred stock redemption charge) by the sum of the weighted-average number of common shares outstanding during the year and the unvested average of participating RSUs. Diluted EPS is computed by dividing the sum of net income attributable to common stock and dividends on diluted preferred stock by the sum of the weighted-average number of common shares outstanding during the year and the impact of dilutive potential common shares, such as nonparticipating RSUs, stock options and convertible preferred stock. The unvested stock-based compensation awards issued under the Amended and Restated 2014 Stock Incentive Plan have no stockholder rights, meaning they are not entitled to dividends and are considered nonparticipating. The Company does not include these nonparticipating RSUs in the basic EPS calculation, but are included in the diluted EPS calculation using the treasury stock method. The following table presents the calculation of basic and diluted EPS:
| Three Months Ended |  | Nine Months Ended
| March 31, |  | March 31,
(Dollars in thousands, except per share data) | 2022 |  | 2021 |  | 2022 |  | 2021
Earnings Per Common Share |  |  |  |  |  |  |
Net income | $ | 61,823 |  |  | $ | 53,645 |  |  | $ | 182,820 |  |  | $ | 161,452 |
Preferred stock dividends | — |  |  | — |  |  | — |  |  | (103) |
Preferred stock redemption charge | — |  |  | — |  |  | — |  |  | (87) |
Net income attributable to common stockholders | $ | 61,823 |  |  | $ | 53,645 |  |  | $ | 182,820 |  |  | $ | 161,262 |
Average common shares outstanding | 59,542,128 |  |  | 59,118,884 |  |  | 59,476,488 |  |  | 59,225,409 |
Total qualifying shares | 59,542,128 |  |  | 59,118,884 |  |  | 59,476,488 |  |  | 59,225,409 |
Earnings per common share | $ | 1.04 |  |  | $ | 0.91 |  |  | $ | 3.07 |  |  | $ | 2.72 |
Diluted Earnings Per Common Share |  |  |  |  |  |  |
Net income attributable to common stockholders | $ | 61,823 |  |  | $ | 53,645 |  |  | $ | 182,820 |  |  | $ | 161,262 |
Average common shares issued and outstanding | 59,542,128 |  |  | 59,118,884 |  |  | 59,476,488 |  |  | 59,225,409 |
Dilutive effect of average unvested RSUs | 1,069,831 |  |  | 1,363,849 |  |  | 1,128,998 |  |  | 1,227,811 |
Total dilutive common shares outstanding | 60,611,959 |  |  | 60,482,733 |  |  | 60,605,486 |  |  | 60,453,220 |
Diluted earnings per common share | $ | 1.02 |  |  | $ | 0.89 |  |  | $ | 3.02 |  |  | $ | 2.67 |

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109243012&loc=SL65017193-207537 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI http://asc.fasb.org/topic&trid=2144383 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=124432515&loc=d3e3630-109257 + Details
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