Earnings Per Share
We compute basic earnings per share by dividing the net income available to common stockholders by the weighted average number of shares of common stock outstanding. For purposes of calculating diluted earnings per share, the denominator includes both the weighted average number of shares of common stock outstanding and the number of dilutive
common stock equivalents such as stock options and restricted stock units. The weighted average number of outstanding stock options and restricted stock units not included in the computation of diluted earnings per share were 154,567, 603,859 and 272,104 for the years ended June 30, 2025, 2024 and 2023, respectively, as the effect would have been anti-dilutive.
Basic and diluted earnings per share for the years ended June 30, 2025, 2024 and 2023 are calculated as follows (in thousands except per share data):
202520242023
Numerator:
Net income$1,400,723 $1,020,951 $897,556 
Denominator:
Basic weighted-average common shares outstanding146,716 147,021 146,765 
Effect of dilutive securities:
Stock options and restricted stock units624 529 690 
Diluted weighted average shares 147,340 147,550 147,455 
Basic earnings per share$9.55 $6.94 $6.12 
Diluted earnings per share$9.51 $6.92 $6.09 

Historical Timeline

Fiscal YearFiled
2025Aug 8, 2025Showing above
2024Aug 9, 2024
2023Aug 11, 2023
2022Aug 12, 2022
2021Aug 17, 2021
2020Aug 13, 2020
2019Aug 8, 2019
2018Aug 17, 2018
2017Aug 4, 2017
2016Aug 5, 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.