Quarterly report pursuant to Section 13 or 15(d)

Note 9 - Earnings Per Share

Note 9 - Earnings Per Share

3 Months Ended

Sep. 30, 2019

Note 9. Earnings Per Share:

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

	Quarter Ended September 30,
	2019			2018
Earnings per share – basic:
Net Income	$	14,398		$	17,403
Income allocated to participating securities		(11	)		(16	)
Income available to common shareholders	$	14,387		$	17,387
Weighted-average shares outstanding		38,032			37,697
Earnings per share-basic	$	0.38		$	0.46

Earnings per share – diluted:
Net Income	$	14,398		$	17,403
Income allocated to participating securities		(11	)		(16	)
Income available to common shareholders	$	14,387		$	17,387
Weighted average common shares outstanding-basic		38,032			37,697
Dilutive effect of stock options and restricted stock units		1,221			1,116
Weighted average common shares outstanding-diluted		39,253			38,813
Earnings per share-diluted	$	0.37		$	0.45

The dilutive effect of stock options and restricted stock units 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 1.2 million and 1.3 million for the first quarter ended September 30, 2019 and 2018, respectively.