Earnings Per Share

12 Months Ended

Sep. 30, 2023

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,
	2023		2022		2021
Numerator:
Net earnings	$	232,368	$	171,698	$	208,649
Denominator:
Basic shares outstanding		59,908		61,517		63,287
Dilutive effect of stock options and restricted stock units		1,574		1,737		2,268
Diluted shares outstanding		61,482		63,254		65,555
Income per common share:
Basic earnings per share	$	3.88	$	2.79	$	3.30
Diluted earnings per share	$	3.78	$	2.71	$	3.18

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:


	Year Ended September 30,
	2023		2022		2021
Options		561		1,019		41
Weighted-average option price	$	114.88	$	110.71	$	116.38

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,
	2023		2022		2021
Weighted-average treasury stock shares held for deferred compensation obligations		88		151		186