Earnings Per Share

12 Months Ended

Sep. 30, 2019

Earnings Per Share

Earnings Per Share

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:

	Year Ended September 30,
	2019		2018		2017
Numerator:
Net earnings	$	259,602	$	180,378	$	200,507
Denominator:
Basic shares outstanding		61,950		61,493		61,366
Dilutive effect of stock options and restricted stock units		2,548		2,383		2,146
Diluted shares outstanding		64,498		63,876		63,512
Income per common share:
Basic earnings per share	$	4.19	$	2.93	$	3.27
Diluted earnings per share	$	4.02	$	2.82	$	3.16

The following stock option grants were outstanding during the fiscal years ended September 30, 2019, 2018 and 2017, but were excluded from the computation of diluted earnings per share because their inclusion would have been anti-dilutive.

	Year Ended September 30,
	2019		2018		2017
Options		25		760		68
Weighted-average option price	$	96.54	$	78.72	$	63.23

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:

	Year Ended September 30,
	2019		2018		2017
Weighted-average treasury stock shares held for deferred compensation obligations		208		198		180