Earnings Per Share

3 Months Ended

Sep. 30, 2015

EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per share:



	Three Months Ended September 30,
	2015		2014
Numerator:
Net income	$	31,302	$	18,855

Denominator for basic earnings per share - weighted average shares outstanding during the period (in thousands)	102,807		100,682
Effect of dilutive stock options, unvested restricted stock and unvested restricted share units (in thousands)	1,451		1,974
Denominator for diluted earnings per share - adjusted weighted average shares and assumed conversions (in thousands)	104,258		102,656

Basic net income per share	$	0.30	$	0.19
Diluted net income per share	$	0.30	$	0.18

Note: On December 29, 2014, the Company effected a two-for-one stock split of its common stock in the form of a 100% stock dividend to shareholders of record as of December 12, 2014. All share and per share information for the three months ended September 30, 2014 has been retroactively adjusted to reflect the stock split.

Basic earnings per share excludes the dilutive effects of stock options, unvested restricted stock and unvested restricted share units. Diluted earnings per share includes the dilutive effects of common stock equivalents such as stock options and unvested restricted stock awards.

Restricted stock awards totaling 102,422 were excluded from our diluted earnings per share calculations for the three months ended September 30, 2015 as such awards are contingently issuable based on market or performance conditions and such conditions had not been achieved during the respective periods. There were 200,000 such awards excluded from our diluted earnings per share calculations for the three months ended September 30, 2014.