Earnings Per Share

6 Months Ended

Dec. 31, 2016

Basic earnings per share are computed by dividing net income by the weighted-average number of common shares outstanding. Diluted earnings per share are computed by dividing net income by the weighted-average number of common and potential common shares outstanding.



	Quarter ended				Six months ended
	December 31,				December 31,
	2016		2015		2016		2015
	(in thousands, except per share data)
Numerator:
Net Income	$	23,036	$	20,656	$	37,852	$	36,652
Denominator:
Weighted-average shares, basic	25,146		26,648		25,334		27,175
Dilutive effect of share-based payments	139		254		156		252
Weighted-average shares, diluted	25,285		26,902		25,490		27,427

Net income per common share, basic	$	0.92	$	0.78	$	1.49	$	1.35
Net income per common share, diluted	$	0.91	$	0.77	$	1.48	$	1.34

For the quarter and six months ended December 31, 2016, weighted-average shares outstanding excluded from the computation of diluted earnings per share because their effect would be anti-dilutive were 568,955 and 517,845, respectively. For the quarter and six months ended December 31, 2015, there were 488,087 and 457,087, respectively, weighted-average shares outstanding excluded from the computation of diluted earnings per share because their effect would be anti-dilutive.