Earnings Per Share

3 Months Ended

Dec. 31, 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:


	Three Months Ended December 31,
	2023		2022
Numerator:
Net earnings	$	90,044	$	29,606
Denominator:
Basic shares outstanding		60,021		59,667
Dilutive effect of stock options and restricted stock		1,825		1,261
Diluted shares outstanding		61,846		60,928
Income per common share:
Basic earnings per share	$	1.50	$	0.50
Diluted earnings per share	$	1.46	$	0.49

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:


	Three Months Ended December 31,
	2023		2022
Options		39		1,598
Weighted-average option price	$	114.53	$	101.18

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,
	2023		2022
Weighted-average treasury stock shares held for deferred compensation obligations		55		131