EARNINGS PER SHARE (Tables)

9 Months Ended

Mar. 31, 2023

Schedule of Reconciliation of Common Shares Used for Earnings Per Share

The following table provides a reconciliation of the numerator and denominator used for basic and diluted earnings per share (in thousands, except per share amounts):


	Three Months Ended March 31,				Nine Months Ended March 31,
	2023		2022		2023		2022
Numerator for basic earnings per share:
Net income attributable to stockholders (a)	$	46,801	$	38,415	$	153,563	$	235,964

Numerator for diluted earnings per share:
Net income attributable to stockholders (a)	$	46,801	$	38,415	$	153,563	$	235,964
Net loss attributable to non-controlling interest	—		—		—		1,643
Net income for diluted earnings per share	$	46,801	$	38,415	$	153,563	$	237,607

Denominator for earnings per share:
Basic weighted average shares outstanding (b)	118,872		118,697		118,668		120,957
Effect of dilutive securities: (c)
Stock options	76		98		103		225
Restricted stock	528		465		519		499
Performance share awards	340		553		542		621
Diluted weighted average shares and assumed conversions	119,816		119,813		119,832		122,302

Earnings per share attributable to stockholders:
Basic	$	0.39	$	0.32	$	1.29	$	1.95
Diluted	$	0.39	$	0.32	$	1.28	$	1.94

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(a)Net income attributable to stockholders was calculated as follows (in thousands):


	Three Months Ended March 31,				Nine Months Ended March 31,
	2023		2022		2023		2022
Net income	$	48,649	$	39,069	$	155,982	$	237,607
Net income attributable to non-controlling interest	(1,848)		(654)		(2,419)		(1,643)
Net income attributable to stockholders	$	46,801	$	38,415	$	153,563	$	235,964

(b)Weighted average number of common shares used for basic earnings per share excludes the impact of all potentially issuable dilutive shares of Class A common stock for the three and nine months ended March 31, 2023 and 2022.

(c)The effect of 0.3 million stock options and restricted stock units were excluded from diluted weighted average shares outstanding as it had an anti-dilutive effect for both the three and nine months ended March 31, 2023. Additionally, for the three and nine months ended March 31, 2023, the effect of 0.4 million and 0.3 million performance share awards, respectively, was excluded from diluted weighted average shares outstanding as the awards had not satisfied the applicable performance criteria at the end of the period.

For the three and nine months ended March 31, 2022, the effect of 0.3 million and 0.6 million stock options and restricted stock units, respectively, was excluded from diluted weighted average shares outstanding as it had an anti-dilutive effect. Additionally, for the nine months ended March 31, 2022, the effect of 0.3 million performance share awards was excluded from diluted weighted average shares outstanding as the awards had not satisfied the applicable performance criteria at the end of the period.