Earnings Per Share

9 Months Ended

Jun. 30, 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				Nine-Months Ended
	June 30,				June 30,
	2016		2015		2016		2015
Numerator:
Net earnings	$	51,047	$	43,753	$	117,691	$	131,392
Denominator:
Basic shares outstanding		61,341		64,781		62,015		65,088
Dilutive effect of stock options and restricted stock		1,768		1,446		1,545		1,416
Diluted shares outstanding		63,109		66,227		63,560		66,504
Income per common share:
Basic earnings per share	$	0.83	$	0.68	$	1.90	$	2.02
Diluted earnings per share	$	0.81	$	0.66	$	1.85	$	1.98

The following stock option grants were outstanding during the three and nine-months ended June 30, 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				Nine-Months Ended
	June 30,				June 30,
	2016		2015		2016		2015
Options		-		-		731		699
Weighted-average option price	$	n/a	$	n/a	$	46.55	$	46.55

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				Nine-Months Ended
	June 30,				June 30,
	2016		2015		2016		2015
Weighted-average treasury stock shares held for deferred compensation obligations		166		182		175		194