Annual report pursuant to Section 13 and 15(d)

Note 9 - Earnings Per Share

v3.21.2
Note 9 - Earnings Per Share
12 Months Ended
Jun. 30, 2021
Notes to Financial Statements  
Earnings Per Share [Text Block]

Note 9. Earnings Per Share:

 

The following table reflects the calculation of basic and diluted earnings per share (in thousands, except per share amounts):

 

   

Year Ended June 30,

 
   

2021

   

2020

   

2019

 

Earnings per share – basic:

                       
Net earnings, including noncontrolling interest     139,585       229,296       96,072  
Less net earnings attributable to noncontrolling interest     (825 )     -       -  

Net income

  $ 140,410     $ 229,296     $ 96,072  

Income allocated to participating securities

    (86

)

    (224

)

    (105

)

Income available to common shareholders

  $ 140,324     $ 229,072     $ 95,967  

Weighted-average shares outstanding – basic

    38,747       38,201       37,781  

Earnings per share – basic

  $ 3.62     $ 6.00     $ 2.54  
                         

Earnings per share – diluted:

                       

Net income

  $ 140,410     $ 229,296     $ 96,072  

Income allocated to participating securities

    (86

)

    (224

)

    (105

)

Income available to common shareholders

  $ 140,324     $ 229,072     $ 95,967  

Weighted-average shares outstanding – basic

    38,747       38,201       37,781  

Dilutive effect of stock options and restricted stock units

    1,736       1,200       1,111  

Weighted-average common shares outstanding – diluted

    40,483       39,401       38,892  

Earnings per share – diluted

  $ 3.47     $ 5.82     $ 2.47  

 

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 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 0.6 million, 0.9 million, and 1.3 million for the fiscal years ended June 30, 2021, 2020 and 2019, respectively.