Net Income Per Share

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, 2017 and 2016 are as follows:



	Three Months Ended December 31,				Six Months Ended December 31,
	2017		2016		2017		2016
	(Dollars and Shares in Thousands, Except per Share Data)
Net income	$	38,078	$	37,010	$	72,833	$	72,011

Weighted average shares outstanding	72,342		76,905		72,683		77,977

Dilutive impact from:
Share-based payment awards	694		413		650		379
Dilutive weighted average shares outstanding	73,036		77,318		73,333		78,356

Income per share
Basic	$	0.53	$	0.48	$	1.00	$	0.92
Dilutive	$	0.52	$	0.48	$	0.99	$	0.92

For the three and six months ended December 31, 2017 and 2016, certain employee equity awards were anti-dilutive based on the treasury stock method. 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, 2017 and 2016:



	Three Months Ended December 31,		Six Months Ended December 31,
	2017	2016	2017	2016
	(Shares in Thousands)
Employee equity awards	388	721	664	873

Included in the table above are options to purchase 10,723 and 377,740 shares of our common stock during the three and six months ended December 31, 2017, respectively, which were not included in the computation of dilutive weighted average shares outstanding, because their exercise prices ranged from $63.25 per share to $66.57 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, 2017 and expire at various dates through December 5, 2027.