Annual report pursuant to Section 13 and 15(d)

Note 8 - Earnings Per Share

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Note 8 - Earnings Per Share
12 Months Ended
Jun. 30, 2017
Notes to Financial Statements  
Earnings Per Share [Text Block]
Note
8.
Earnings Per Share:
 
Basic net income per common share is calculated based on the weighted average number of common shares outstanding during the period. Diluted net income per common share is computed by dividing net income by the weighted average number of common and potentially dilutive common shares outstanding during the period. Potentially dilutive common shares of our stock result from dilutive common stock options and restricted stock units. We use the treasury stock method to calculate the weighted-average shares used in the diluted earnings per share computation. Under the treasury stock method, the proceeds from exercise of an option, the amount of compensation cost, if any, for future service that we have
not
yet recognized, and the amount of estimated tax benefits that would be recorded in paid-in capital, if any, when the option is exercised are assumed to be used to repurchase shares in the current period.
 
The number of shares used to calculate earnings per share are as follows (in thousands, except per share data):
 
 
 
Year Ended June 30,
 
 
 
2017
 
 
2016
 
 
2015
 
                         
Net earnings used for basic and diluted earnings per share
  $
76,086
    $
104,476
    $
107,735
 
                         
Weighted average shares used in basic computation
   
37,313
     
37,194
     
37,096
 
Dilutive stock options
   
187
     
132
     
135
 
Weighted average shares used in diluted computation
   
37,500
     
37,326
     
37,231
 
                         
Basic EPS
  $
2.04
    $
2.81
    $
2.90
 
Diluted EPS
  $
2.03
    $
2.80
    $
2.89
 
 
The dilutive effect of stock options in the above table excludes all options for which the aggregate exercise proceeds exceeded the average market price for the period. The number of potentially dilutive option shares excluded from the calculation was
2.
0
million,
1.2
million, and
516,000
at
June 30, 2017,
2016
and
2015,
respectively.