Net Income Per Share

9 Months Ended

Mar. 31, 2016

12. 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, 2016 and 2015 are as follows:

	Three Months Ended				Nine Months Ended
	March 31,				March 31,
	2016		2015		2016		2015
	(Dollars and Shares in Thousands, Except per Share Data)

Net income	$	33,171	$	28,170	$	106,625	$	87,601


Weighted average shares outstanding	83,081		87,355		83,425		89,509

Dilutive impact from:
Share-based payment awards	292		498		417		612

Dilutive weighted average shares outstanding	83,373		87,853		83,842		90,121


Income per share
Basic	$	0.40	$	0.32	$	1.28	$	0.98
Dilutive	$	0.40	$	0.32	$	1.27	$	0.97

For the three and nine months ended March 31, 2016 and 2015, certain employee equity awards were anti-dilutive based on the treasury stock method. Additionally, during the three and nine months ended March 31, 2016, options to purchase 640,366 shares and 577,105 shares of our common stock were not included in the computation of dilutive weighted average shares outstanding, as of March 31, 2016, because their exercise prices ranged from $34.36 per share to $47.40 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, 2016 and expire at various dates through March 28, 2026.

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, 2016 and 2015:

	Three Months Ended		Nine Months Ended
	March 31,		March 31,
	2016	2015	2016	2015
	(Shares in Thousands)

Employee equity awards	1,250	801	1,092	762