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EARNINGS PER COMMON SHARE
 9 Months Ended
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 EndedNine Months Ended
March 31,March 31,
(Dollars in thousands, except per share data)2022202120222021
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 outstanding59,542,128 59,118,884 59,476,488 59,225,409 
Total qualifying shares59,542,128 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 outstanding59,542,128 59,118,884 59,476,488 59,225,409 
Dilutive effect of average unvested RSUs1,069,831 1,363,849 1,128,998 1,227,811 
Total dilutive common shares outstanding60,611,959 60,482,733 60,605,486 60,453,220 
Diluted earnings per common share$1.02 $0.89 $3.02 $2.67