Earnings Per Share

6 Months Ended

Dec. 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				Six months ended
	December 31,				December 31,
	2018		2017		2018		2017
	(in thousands, except per share data)
Numerator:
Net income	$	19,982	$	7,969	$	34,303	$	12,116
Denominator:
Weighted-average shares, basic	25,640		25,506		25,619		25,470
Dilutive effect of share-based payments	110		142		133		142
Weighted-average shares, diluted	25,750		25,648		25,752		25,612

Net income per common share, basic	$	0.78	$	0.31	$	1.34	$	0.48
Net income per common share, diluted	$	0.78	$	0.31	$	1.33	$	0.47

For the quarter and six months ended December 31, 2018, weighted-average shares outstanding excluded from the computation of diluted earnings per share because their effect would be anti-dilutive were 573,475 and 433,993, respectively. For the quarter and six months ended December 31, 2017, there were 405,159 and 432,846, respectively, weighted-average shares outstanding excluded from the computation of diluted earnings per share because their effect would be anti-dilutive.