Earnings Per Share

9 Months Ended

Mar. 31, 2021

EARNINGS PER SHAREBasic 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.

The following table provides the computation of diluted shares outstanding for the three and nine months ended March 31, 2021 and 2020:


	Three Months Ended March 31,		Nine Months Ended March 31,
(in thousands)	2021	2020	2021	2020
Weighted-average shares outstanding during period	83,719	83,106	83,539	83,022
Add: Unexercised stock options and unvested restricted stock units	869	590	645	567
Number of shares on which diluted earnings per share is calculated	84,588	83,696	84,184	83,589
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	217	646	321	833