Earnings Per Share

9 Months Ended

Jun. 30, 2019

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 for the three and nine-months ended June 30, 2019 and 2018:



	Three-Months Ended				Nine-Months Ended
	June 30,				June 30,
	2019		2018		2019		2018
Numerator:
Net earnings	$	66,107	$	49,117	$	192,806	$	105,866
Denominator:
Basic shares outstanding		61,941		61,608		61,977		61,417
Dilutive effect of stock options and restricted stock units		2,692		2,273		2,460		2,365
Diluted shares outstanding		64,633		63,881		64,437		63,782
Income per common share:
Basic earnings per share	$	1.07	$	0.80	$	3.11	$	1.72
Diluted earnings per share	$	1.02	$	0.77	$	2.99	$	1.66

The following stock option grants were outstanding during the three and nine-months ended June 30, 2019 and 2018, 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,
	2019		2018		2019		2018
Options		39		764		19		760
Weighted-average option price	$	97.13	$	78.70	$	97.13	$	78.73

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,
	2019		2018		2019		2018
Weighted-average treasury stock shares held for deferred compensation obligations		208		201		207		197