Earnings Per Share

9 Months Ended

Mar. 31, 2019

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,
	2019		2018		2019		2018
	(in thousands, except per share data)
Numerator:
Net income	$	11,715	$	10,649	$	46,019	$	22,765
Denominator:
Weighted-average shares, basic	25,704		25,572		25,647		25,503
Dilutive effect of share-based payments	58		34		108		104
Weighted-average shares, diluted	25,762		25,606		25,755		25,607

Net income per common share, basic	$	0.46	$	0.42	$	1.79	$	0.89
Net income per common share, diluted	$	0.45	$	0.42	$	1.79	$	0.89

For the quarter and nine months ended March 31, 2019, weighted-average shares outstanding excluded from the computation of diluted earnings per share because their effect would be anti-dilutive were 592,411 and 459,189, respectively. For the quarter and nine months ended March 31, 2018, there were 952,351 and 534,082, respectively, weighted-average shares outstanding excluded from the computation of diluted earnings per share because their effect would be anti-dilutive.