Earnings Per Share

9 Months Ended

Mar. 31, 2023

Basic earnings per share is computed using the weighted average number of shares outstanding during the period, while diluted earnings per share is calculated to reflect the potential dilution that would occur related to the issuance of capital stock under stock option grants, performance awards and restricted stock units. The difference between basic and diluted earnings per share relates solely to the effect of capital stock options, performance awards and restricted stock units.

The following table provides the computation of diluted shares outstanding for the three and nine months ended March 31, 2023 and 2022:


	Three Months Ended March 31,		Nine Months Ended March 31,
(in thousands)	2023	2022	2023	2022
Weighted-average shares outstanding during the period	80,611	83,084	80,967	83,538
Add: Unexercised stock options and unvested restricted stock units	670	723	558	730
Number of shares on which diluted earnings per share is calculated	81,281	83,807	81,525	84,268
Unexercised stock options with an exercise price greater than the average market price and restricted stock units not included in the computation because they were anti-dilutive	453	372	646	340