Earnings Per Share

6 Months Ended

Mar. 31, 2016

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				Six-Months Ended
	March 31,				March 31,
	2016		2015		2016		2015
Numerator:
Net earnings	$	40,824	$	43,855	$	66,644	$	87,639
Denominator:
Basic shares outstanding		61,639		65,159		62,351		65,242
Dilutive effect of stock options and restricted stock		1,425		1,381		1,417		1,399
Diluted shares outstanding		63,064		66,540		63,768		66,641
Income per common share:
Basic earnings per share	$	0.66	$	0.67	$	1.07	$	1.34
Diluted earnings per share	$	0.65	$	0.66	$	1.05	$	1.32

The following stock option grants were outstanding during the three and six-months ended March 31, 2016 and 2015, but were excluded from the computation of diluted earnings per share because their inclusion would have been anti-dilutive:



	Three-Months Ended				Six-Months Ended
	March 31,				March 31,
	2016		2015		2016		2015
Options		731		698		734		701
Weighted-average option price	$	46.55	$	46.55	$	46.55	$	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				Six-Months Ended
	March 31,				March 31,
	2016		2015		2016		2015
Weighted-average treasury stock shares held for deferred compensation obligations		185		202		181		201