Net Income Per Share

9 Months Ended

Mar. 31, 2017

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 nine months ended March 31, 2017 and 2016 are as follows:



	Three Months Ended March 31,				Nine Months Ended March 31,
	2017		2016		2017		2016
	(Dollars and Shares in Thousands, Except per Share Data)
Net income	$	35,834	$	33,171	$	107,845	$	106,625

Weighted average shares outstanding	75,676		83,081		77,221		83,425

Dilutive impact from:
Share-based payment awards	506		292		431		417
Dilutive weighted average shares outstanding	76,182		83,373		77,652		83,842

Income per share
Basic	$	0.47	$	0.40	$	1.40	$	1.28
Dilutive	$	0.47	$	0.40	$	1.39	$	1.27

For the three and nine months ended March 31, 2017 and 2016, certain employee equity awards were anti-dilutive based on the treasury stock method. Additionally, during the nine months ended March 31, 2017, options to purchase 5,173 shares of our common stock were not included in the computation of dilutive weighted average shares outstanding, because their exercise prices ranged from $52.14 per share to $54.95 per share and were greater than the average market price of our common stock during the period then ended. These options were outstanding as of March 31, 2017 and expire at various dates through February 6, 2027.

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 March 31, 2017 and 2016:



	Three Months Ended March 31,		Nine Months Ended March 31,
	2017	2016	2017	2016
	(Shares in Thousands)
Employee equity awards	43	1,250	722	1,092