Net Income Per Share

6 Months Ended

Dec. 31, 2021

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, 2021 and 2020 are as follows:


	Three Months Ended December 31,				Six Months Ended December 31,
	2021		2020		2021		2020
	(Dollars and Shares in Thousands, Except per Share Data)
Net income	$	61,864	$	129,152	$	101,263	$	161,863

Weighted average shares outstanding	66,775		67,780		66,888		67,754

Dilutive impact from:
Employee equity awards	474		620		449		606
Dilutive weighted average shares outstanding	67,249		68,400		67,337		68,360

Income per share
Basic	$	0.93	$	1.91	$	1.51	$	2.39
Dilutive	$	0.92	$	1.89	$	1.50	$	2.37

For the three and six months ended December 31, 2021 and 2020, 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, 2021 and 2020:


	Three Months Ended December 31,		Six Months Ended December 31,
	2021	2020	2021	2020
	(Shares in Thousands)
Employee equity awards	529	943	618	1,063

Included in the table above are options to purchase 1,825 and 29,728 shares of our common stock during the three and six months ended December 31, 2021, which were not included in the computation of dilutive weighted average shares outstanding, because their exercise prices ranged from $144.23 per share to $167.96 per share during the six months ended December 31, 2021, 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, 2021 and expire at various dates through December 13, 2031.