Earnings Per Share

9 Months Ended

Jun. 30, 2022

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 June 30,				Nine-Months Ended June 30,
	2022		2021		2022		2021
Numerator:
Net earnings	$	39,446	$	48,861	$	117,657	$	158,744
Denominator:
Basic shares outstanding		60,506		63,559		62,052		63,215
Dilutive effect of stock options and restricted stock		1,582		2,351		1,885		2,284
Diluted shares outstanding		62,088		65,910		63,937		65,499
Income per common share:
Basic earnings per share	$	0.65	$	0.77	$	1.90	$	2.51
Diluted earnings per share	$	0.64	$	0.74	$	1.84	$	2.42

The following stock option grants were outstanding but were excluded from the computation of diluted earnings per share because their inclusion would have been anti-dilutive.

	Three-Months Ended June 30,				Nine-Months Ended June 30,
	2022		2021		2022		2021
Options		1,048		34		479		49
Weighted-average option price	$	110.49	$	123.23	$	117.45	$	114.00

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 June 30,				Nine-Months Ended June 30,
	2022		2021		2022		2021
Weighted-average treasury stock shares held for deferred compensation obligations		140		182		154		191