Earnings Per Share

6 Months Ended

Mar. 31, 2024

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 March 31,				Six Months Ended March 31,
	2024		2023		2024		2023
Numerator:
Net earnings	$	97,556	$	35,511	$	187,600	$	65,117
Denominator:
Basic shares outstanding		60,427		59,807		60,223		59,736
Dilutive effect of stock options, restricted units, and performance units		1,938		1,420		1,883		1,347
Diluted shares outstanding		62,365		61,227		62,106		61,083
Income per common share:
Basic earnings per share	$	1.61	$	0.59	$	3.12	$	1.09
Diluted earnings per share	$	1.56	$	0.58	$	3.02	$	1.07

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 March 31,				Six Months Ended March 31,
	2024		2023		2024		2023
Options		14		1,560		37		1,592
Weighted-average option price	$	122.38	$	102.01	$	131.03	$	101.95

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 March 31,				Six Months Ended March 31,
	2024		2023		2024		2023
Weighted-average treasury stock shares held for deferred compensation obligations		54		94		54		109