Earnings Per Share

6 Months Ended

Dec. 31, 2017

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,
	2017		2016		2017		2016
	(in thousands, except per share data)
Numerator:
Net Income	$	7,969	$	23,036	$	12,116	$	37,852
Denominator:
Weighted-average shares, basic	25,506		25,146		25,470		25,334
Dilutive effect of share-based payments	142		139		142		156
Weighted-average shares, diluted	25,648		25,285		25,612		25,490

Net income per common share, basic	$	0.31	$	0.92	$	0.48	$	1.49
Net income per common share, diluted	$	0.31	$	0.91	$	0.47	$	1.48

For the quarter and six months ended December 31, 2017, weighted-average shares outstanding excluded from the computation of diluted earnings per share because their effect would be anti-dilutive were 405,159 and 432,846, respectively. For the quarter and six months ended December 31, 2016, there were 568,955 and 517,845, respectively, weighted-average shares outstanding excluded from the computation of diluted earnings per share because their effect would be anti-dilutive.