Note 4. 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,
	2018		2017
Numerator:
Net earnings	$	49,120	$	18,260
Denominator:
Basic shares outstanding		61,818		61,246
Dilutive effect of stock options and restricted stock		2,241		2,463
Diluted shares outstanding		64,059		63,709
Income per common share:
Basic earnings per share	$	0.79	$	0.30
Diluted earnings per share	$	0.77	$	0.29

The following stock option grants were outstanding during the three-months ended December 31, 2018 and 2017, but were excluded from the computation of diluted earnings per share because their inclusion would have been anti-dilutive.



	Three-Months Ended
	December 31,
	2018		2017
Options		1,426		754
Weighted-average option price	$	79.22	$	78.75

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