Net Income Per Share

6 Months Ended

Dec. 31, 2016

Basic income per share is determined by dividing net income by the weighted average common shares outstanding during the period. Diluted income per share is determined by dividing net income by diluted weighted average shares outstanding during the period. Diluted weighted average shares reflect the dilutive effect, if any, of potential common shares. To the extent their effect is dilutive, employee equity awards and other commitments to be settled in common stock are included in the calculation of diluted net income per share based on the treasury stock method.

The calculations of basic and diluted net income per share and basic and dilutive weighted average shares outstanding for the three and six months ended December 31, 2016 and 2015 are as follows:



	Three Months Ended December 31,				Six Months Ended December 31,
	2016		2015		2016		2015
	(Dollars and Shares in Thousands, Except per Share Data)
Net income	$	37,010	$	36,683	$	72,011	$	73,454

Weighted average shares outstanding	76,905		83,315		77,977		83,596

Dilutive impact from:
Share-based payment awards	413		388		379		439
Dilutive weighted average shares outstanding	77,318		83,703		78,356		84,035

Income per share
Basic	$	0.48	$	0.44	$	0.92	$	0.88
Dilutive	$	0.48	$	0.44	$	0.92	$	0.87

For the three and six months ended December 31, 2016 and 2015, certain employee equity awards were anti-dilutive based on the treasury stock method. Additionally, during the three and six months ended December 31, 2016, options to purchase 2,260 and 6,875 shares, respectively, of our common stock were not included in the computation of dilutive weighted average shares outstanding, because their exercise prices ranged from $47.40 per share to $54.22 per share and were greater than the average market price of our common stock during the periods then ended. These options were outstanding as of December 31, 2016 and expire at various dates through December 14, 2026.

The following employee equity awards were excluded from the calculation of dilutive weighted average shares outstanding because their effect would be anti-dilutive as of December 31, 2016 and 2015:



	Three Months Ended December 31,		Six Months Ended December 31,
	2016	2015	2016	2015
	(Shares in Thousands)
Employee equity awards	721	1,108	873	1,072