Earnings Per Share

9 Months Ended

Mar. 31, 2017

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				Nine months ended
	March 31,				March 31,
	2017		2016		2017		2016
	(in thousands, except per share data)
Numerator:
Net Income	$	12,424	$	14,042	$	50,276	$	50,694
Denominator:
Weighted-average shares, basic	25,262		25,863		25,311		26,741
Dilutive effect of share-based payments	138		104		147		167
Weighted-average shares, diluted	25,400		25,967		25,458		26,908

Net income per common share, basic	$	0.49	$	0.54	$	1.99	$	1.90
Net income per common share, diluted	$	0.49	$	0.54	$	1.97	$	1.88

For the quarter and nine months ended March 31, 2017, weighted-average shares outstanding excluded from the computation of diluted earnings per share because their effect would be anti-dilutive were 442,001 and 454,006, respectively. For the quarter and nine months ended March 31, 2016, there were 868,211 and 835,055, respectively, weighted-average shares outstanding excluded from the computation of diluted earnings per share because their effect would be anti-dilutive.