Earnings (Loss) Per Share

9 Months Ended

Mar. 31, 2022

Earnings (Loss) Per ShareBasic earnings (loss) per share is computed by dividing the net income available to common stockholders by the weighted average number of shares of common stock outstanding. For purposes of calculating diluted earnings (loss) per share, the denominator includes both the weighted average number of shares of common stock outstanding and the number of dilutive common stock equivalents such as stock options and restricted stock units.

The calculation of diluted weighted average shares for the three months ended March 31, 2021 excluded 857,799 potentially dilutive common shares because we reported a net loss.

The weighted average number of outstanding stock options and restricted stock units not included in the computation of diluted earnings (loss) per share were 307,368 and 225,580 for the three months ended March 31, 2022 and 2021, respectively, and 52,599 and 200,341 for the nine months ended March 31, 2022 and 2021, respectively, as the effect would have been anti-dilutive.

Basic and diluted earnings per share are calculated as follows (in thousands except per share data):


	Three Months Ended March 31,				Nine Months Ended March 31,
	2022		2021		2022		2021
Numerator:
Net income (loss)	$	179,012	$	(78,481)	$	584,376	$	279,405
Denominator:
Basic weighted-average common shares outstanding	146,240		145,513		145,969		145,217
Effect of dilutive securities:
Stock options and restricted stock units	722		—		1,065		1,177
Diluted weighted average shares	146,962		145,513		147,034		146,394
Basic earnings (loss) per share	$	1.22	$	(0.54)	$	4.00	$	1.92
Diluted earnings (loss) per share	$	1.22	$	(0.54)	$	3.97	$	1.91