Earnings Per Share

6 Months Ended

Dec. 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 six months ended December 31, 2023 and 2022:


	Three Months Ended December 31,		Six Months Ended December 31,
(in thousands)	2023	2022	2023	2022
Weighted-average shares outstanding during the period	79,700	80,737	79,863	81,141
Add: Unexercised stock options and unvested restricted stock units	414	500	532	536
Number of shares on which diluted earnings per share is calculated	80,114	81,237	80,395	81,677
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	588	1,388	472	1,373