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, 2018 and 2017 are as follows:



	Three Months Ended December 31,				Six Months Ended December 31,
	2018		2017		2018		2017
			As Adjusted				As Adjusted
	(Dollars and Shares in Thousands, Except per Share Data)
Net income	$	59,217	$	132,032	$	97,282	$	172,552

Weighted average shares outstanding	70,428		72,342		70,708		72,683

Dilutive impact from:
Employee equity awards	720		694		892		650
Dilutive weighted average shares outstanding	71,148		73,036		71,600		73,333

Income per share
Basic	$	0.84	$	1.83	$	1.38	$	2.37
Dilutive	$	0.83	$	1.81	$	1.36	$	2.35

For the three and six months ended December 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 December 31, 2018 and 2017:



	Three Months Ended December 31,		Six Months Ended December 31,
	2018	2017	2018	2017
	(Shares in Thousands)
Employee equity awards	867	388	812	664

Included in the table above are options to purchase 255,390 and 254,354 shares of our common stock during the three and six months ended December 31, 2018, respectively, which were not included in the computation of dilutive weighted average shares outstanding, because their exercise prices ranged from $93.59 per share to $116.00 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 December 31, 2018 and expire at various dates through October 23, 2028.