Earnings Per Share

3 Months Ended

Dec. 31, 2015

Note 3. Earnings per share

Basic earnings per share is computed by dividing net earnings available to common stockholders by the weighted-average number of shares of common stock outstanding for the period.

Diluted earnings per share reflects the weighted-average number of shares outstanding after consideration of the dilutive effect of stock options and restricted stock.

The following is a reconciliation of net earnings to basic earnings per share and diluted earnings per share:



	Three-Months Ended
	December 31,
	2015		2014
Numerator:
Net earnings	$	25,611	$	43,784
Denominator:
Basic shares outstanding		63,054		65,322
Dilutive effect of stock options and restricted stock		1,319		1,417
Diluted shares outstanding		64,373		66,739
Income per common share:
Basic earnings per share	$	0.41	$	0.67
Diluted earnings per share	$	0.40	$	0.66

The following stock option grants were outstanding during the three-months ended December 31, 2015 and 2014, but were excluded from the computation of diluted earnings per share because their inclusion would have been anti-dilutive:



	Three-Months Ended
	December 31,
	2015		2014
Options		-		704
Weighted-average option price	$	n/a	$	46.54

The weighted-average shares of common stock outstanding for basic and diluted earnings per share included the weighted-average treasury stock shares held for deferred compensation obligations of the following:

Three-Months Ended

December 31,

Weighted-average treasury stock shares held for deferred compensation obligations