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Earnings Per Share | 6 Months Ended
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Mar. 31, 2025
Earnings Per Share [Abstract] |
Earnings Per Share | Earnings Per Share We use the two-class method of computing earnings per share because we have participating securities in the form of non-vested restricted stock units with a nonforfeitable right to dividend equivalents, for which vesting is predicated solely on the passage of time. The calculation of earnings per share using the two-class method excludes income attributable to these participating securities from the numerator and excludes the dilutive impact of those shares from the denominator. Basic weighted average shares outstanding is calculated based upon the weighted average number of common shares outstanding during the periods presented. Also, this calculation includes fully vested stock awards that have not yet been issued as common stock. Additionally, the weighted average shares outstanding for diluted EPS includes the incremental effects of the forward sale agreements, discussed in Note 8 to the condensed consolidated financial statements, when the impact is dilutive. Basic and diluted earnings per share for the three and six months ended March 31, 2025 and 2024 are calculated as follows:
| Three Months Ended March 31 |  | Six Months Ended March 31
| 2025 |  | 2024 |  | 2025 |  | 2024
| (In thousands, except per share amounts)
Basic Earnings Per Share |  |  |  |  |  |  |
Net income | $ | 485,576 |  |  | $ | 432,023 |  |  | $ | 837,434 |  |  | $ | 743,315 |
Less: Income allocated to participating securities | 245 |  |  | 255 |  |  | 436 |  |  | 442 |
Income available to common shareholders | $ | 485,331 |  |  | $ | 431,768 |  |  | $ | 836,998 |  |  | $ | 742,873 |
Basic weighted average shares outstanding | 159,177 |  |  | 151,271 |  |  | 157,739 |  |  | 150,534 |
Net income per share — Basic | $ | 3.05 |  |  | $ | 2.85 |  |  | $ | 5.31 |  |  | $ | 4.93 |
Diluted Earnings Per Share |  |  |  |  |  |  |
Income available to common shareholders | $ | 485,331 |  |  | $ | 431,768 |  |  | $ | 836,998 |  |  | $ | 742,873 |
Effect of dilutive shares | — |  |  | — |  |  | — |  |  | — |
Income available to common shareholders | $ | 485,331 |  |  | $ | 431,768 |  |  | $ | 836,998 |  |  | $ | 742,873 |
Basic weighted average shares outstanding | 159,177 |  |  | 151,271 |  |  | 157,739 |  |  | 150,534 |
Dilutive shares | 1,249 |  |  | 26 |  |  | 1,386 |  |  | 13 |
Diluted weighted average shares outstanding | 160,426 |  |  | 151,297 |  |  | 159,125 |  |  | 150,547 |
Net income per share — Diluted | $ | 3.03 |  |  | $ | 2.85 |  |  | $ | 5.26 |  |  | $ | 4.93 |

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/260/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-3 + Details
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