Earnings Per Share

6 Months Ended

Dec. 31, 2020

Basic earnings per share is computed using the weighted average number of shares outstanding during the period, while diluted earnings per share is calculated to reflect the potential dilution that would occur related to the issuance of capital stock under stock option grants, performance awards and restricted stock units. The difference between basic and diluted earnings per share relates solely to the effect of capital stock options, performance awards and restricted stock units.

During the three months ended December 31, 2019 and the six months ended December 31, 2020, the effect of unexercised capital stock options, unvested performance awards and unvested restricted stock units was anti-dilutive as a result of a net loss in the period and therefore has been excluded from diluted shares outstanding as well as from the diluted earnings per share calculation.

The following table provides the computation of diluted shares outstanding for the three months ended December 31, 2020 and the six months ended December 31, 2019:


(in thousands)	Three Months Ended December 31, 2020	Six Months Ended December 31, 2019

Weighted-average shares outstanding during period	83,582	82,979
Add: Unexercised stock options and unvested restricted stock units	615	639
Number of shares on which diluted earnings per share is calculated	84,197	83,618
Unexercised stock options with an exercise price greater than the average market price and restricted stock units not included in the computation because they were anti-dilutive	386	641