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Earnings Per Share
 9 Months Ended
Mar. 31, 2014
Earnings Per Share
(5) Earnings Per Share

Basic earnings per share is computed based on the weighted-average number of shares of the Company’s common stock outstanding. Diluted earnings per share is computed based on the weighted-average number of shares of the Company’s common stock, including the dilutive effect of common stock equivalents outstanding.

The following is a reconciliation of the denominators of the basic and diluted earnings per share computations:

 

     Three months ended      Nine months ended  
     March 31,      March 31,  
(In thousands)    2014      2013      2014      2013  

Denominator:

            

Weighted-average shares outstanding used to compute basic earnings per share

      73,821         80,375         76,173         81,219   

Effect of dilutive stock options

      2,553         2,059         2,159         2,325   
  

 

 

     

 

 

     

 

 

     

 

 

  

Weighted-average shares outstanding and dilutive securities used to compute dilutive earnings per share

      76,374         82,434         78,332         83,544   
  

 

 

     

 

 

     

 

 

     

 

 

  

Certain outstanding stock options were excluded from the computation of diluted earnings per share for the three and nine months ended March 31, 2014 and 2013 because the effect would have been anti-dilutive. These potential dilutive common shares, which may be dilutive to future diluted earnings per share, are as follows:

 

     Three months ended      Nine months ended  
     March 31,      March 31,  
(In thousands)    2014      2013      2014      2013  

Anti-dilutive options excluded from EPS computation

      5,300         5,797         6,978         4,975