Earnings Per Share

6 Months Ended

Mar. 31, 2025

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, restricted stock, and performance stock units.

The following is a reconciliation of net earnings to basic earnings per share and diluted earnings per share:


	Three Months Ended March 31,				Six Months Ended March 31,
	2025		2024		2025		2024
Numerator:
Net earnings	$	108,949	$	97,556	$	196,040	$	187,600
Denominator:
Basic shares outstanding		59,432		60,427		59,323		60,223
Dilutive effect of stock options; restricted and performance stock		1,912		1,938		1,935		1,883
Diluted shares outstanding		61,344		62,365		61,258		62,106
Income per common share:
Basic earnings per share	$	1.83	$	1.61	$	3.30	$	3.12
Diluted earnings per share	$	1.78	$	1.56	$	3.20	$	3.02

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


	Three Months Ended March 31,				Six Months Ended March 31,
	2025		2024		2025		2024
Restricted stock and option awards		21		14		10		37
Weighted-average price	$	193.09	$	122.38	$	193.09	$	131.03

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 March 31,				Six Months Ended March 31,
	2025		2024		2025		2024
Weighted-average treasury stock shares held for deferred compensation obligations		30		54		35		54