Earnings Per Share

6 Months Ended

Mar. 31, 2017

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				Six-Months Ended
	March 31,				March 31,
	2017		2016		2017		2016
Numerator:
Net earnings	$	38,105	$	40,824	$	84,653	$	66,644
Denominator:
Basic shares outstanding		61,310		61,639		61,436		62,351
Dilutive effect of stock options and restricted stock		2,189		1,425		2,157		1,417
Diluted shares outstanding		63,499		63,064		63,593		63,768
Income per common share:
Basic earnings per share	$	0.62	$	0.66	$	1.38	$	1.07
Diluted earnings per share	$	0.60	$	0.65	$	1.33	$	1.05

The following stock option grants were outstanding during the three and six-months ended March 31, 2017 or 2016, but were excluded from the computation of diluted earnings per share because their inclusion would have been anti-dilutive.



	Three-Months Ended				Six-Months Ended
	March 31,				March 31,
	2017		2016		2017		2016
Options		67		731		2		734
Weighted-average option price	$	62.98	$	46.55	$	70.39	$	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				Six-Months Ended
	March 31,				March 31,
	2017		2016		2017		2016
Weighted-average treasury stock shares held for deferred compensation obligations		185		185		175		181