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 nine months ended March 31, 2018 and 2017 are as follows:



	Three Months Ended March 31,				Nine Months Ended March 31,
	2018		2017		2018		2017
	(Dollars and Shares in Thousands, Except per Share Data)
Net income	$	37,835	$	35,834	$	110,668	$	107,845

Weighted average shares outstanding	71,828		75,676		72,402		77,221

Dilutive impact from:
Share-based payment awards	835		506		734		431
Dilutive weighted average shares outstanding	72,663		76,182		73,136		77,652

Income per share
Basic	$	0.53	$	0.47	$	1.53	$	1.40
Dilutive	$	0.52	$	0.47	$	1.51	$	1.39

For the three and nine months ended March 31, 2018 and 2017, 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 March 31, 2018 and 2017:



	Three Months Ended March 31,		Nine Months Ended March 31,
	2018	2017	2018	2017
	(Shares in Thousands)
Employee equity awards	240	43	445	722

Included in the table above are options to purchase 3,892 and 29,818 shares of our common stock during the three and nine months ended March 31, 2018, respectively, which were not included in the computation of dilutive weighted average shares outstanding, because their exercise prices ranged from $75.74 per share to $78.77 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 March 31, 2018 and expire at various dates through February 25, 2028.