Earnings Per Share

9 Months Ended

Mar. 31, 2018

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				Nine months ended
	March 31,				March 31,
	2018		2017		2018		2017
	(in thousands, except per share data)
Numerator:
Net Income	$	10,649	$	12,424	$	22,765	$	50,276
Denominator:
Weighted-average shares, basic	25,572		25,262		25,503		25,311
Dilutive effect of share-based payments	34		138		104		147
Weighted-average shares, diluted	25,606		25,400		25,607		25,458

Net income per common share, basic	$	0.42	$	0.49	$	0.89	$	1.99
Net income per common share, diluted	$	0.42	$	0.49	$	0.89	$	1.97

For the quarter and nine months ended March 31, 2018, weighted-average shares outstanding excluded from the computation of diluted earnings per share because their effect would be anti-dilutive were 952,351 and 534,082, respectively. For the quarter and nine months ended March 31, 2017, there were 442,001 and 454,006, respectively, weighted-average shares outstanding excluded from the computation of diluted earnings per share because their effect would be anti-dilutive.