Earnings Per Share

3 Months Ended

Dec. 31, 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:

	Three-Months Ended
	December 31,
	2019		2018
Numerator:
Net earnings	$	53,373	$	49,120
Denominator:
Basic shares outstanding		61,991		61,818
Dilutive effect of stock options and restricted stock		2,682		2,241
Diluted shares outstanding		64,673		64,059
Income per common share:
Basic earnings per share	$	0.86	$	0.79
Diluted earnings per share	$	0.83	$	0.77

The following stock option grants were outstanding during the three-months ended December 31, 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
	December 31,
	2019		2018
Options		653		1,426
Weighted-average option price	$	104.40	$	79.22

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
	December 31,
	2019		2018
Weighted-average treasury stock shares held for deferred compensation obligations		213		206