Annual report pursuant to Section 13 and 15(d)

Note 8 - Earnings Per Share

v3.10.0.1
Note 8 - Earnings Per Share
12 Months Ended
Jun. 30, 2018
Notes to Financial Statements  
Earnings Per Share [Text Block]
Note
8.
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,
 
   
2018
   
2017
   
2016
 
Earnings per share – basic:
                       
Net income
  $
126,150
    $
76,086
    $
104,476
 
Income allocated to participating securities
   
(108
)
   
(65
)
   
(52
)
Income available to common shareholders
  $
126,042
    $
76,021
    $
104,424
 
Weighted-average shares outstanding – basic
   
37,476
     
37,313
     
37,194
 
Earnings per share – basic
  $
3.36
    $
2.04
    $
2.81
 
                         
Earnings per share – diluted:
                       
Net income
  $
126,150
    $
76,086
    $
104,476
 
Income allocated to participating securities
   
(108
)
   
(65
)
   
(52
)
Income available to common shareholders
  $
126,042
    $
76,021
    $
104,424
 
Weighted-average shares outstanding – basic
   
37,476
     
37,313
     
37,194
 
Dilutive effect of stock options and restricted stock units
   
579
     
187
     
132
 
Weighted-average common shares outstanding – diluted
   
38,055
     
37,500
     
37,326
 
Earnings per share – diluted
  $
3.31
    $
2.03
    $
2.80
 
 
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
0.9
million,
2.0
million, and
1.2
million for the fiscal years ended
June 30, 2018,
2017
and
2016,
respectively.