EARNINGS PER SHARE
The following table reflects the reconciliation between basic and diluted earnings per share.
Year Ended June 30,
 202520242023
Net Income$455,748 $381,816 $366,646 
Common share information:
Weighted average shares outstanding for basic earnings per share72,874 72,867 72,918 
Dilutive effect of stock options, restricted stock units, and performance units171 158 178 
Weighted average shares outstanding for diluted earnings per share73,045 73,025 73,096 
Basic earnings per share$6.25 $5.24 $5.03 
Diluted earnings per share$6.24 $5.23 $5.02 
Per share information is based on the weighted average number of common shares outstanding for each of the fiscal years. Stock options, restricted stock units, and performance units have been included in the calculation of earnings per share to the extent they are dilutive. The two-class method for computing EPS has not been applied because no outstanding awards contain non-forfeitable rights to participate in dividends. There were 18 anti-dilutive weighted average shares excluded from the weighted average shares outstanding for diluted earnings per share for fiscal 2025, 33 shares were excluded for fiscal 2024, and 10 shares were excluded for fiscal 2023.

Historical Timeline

Fiscal YearFiled
2025Aug 25, 2025Showing above
2024Aug 26, 2024
2023Aug 24, 2023
2022Aug 25, 2022
2021Aug 25, 2021
2020Aug 25, 2020
2019Aug 26, 2019
2018Aug 24, 2018
2017Aug 25, 2017
2016Aug 29, 2016

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.