Earnings Per Share

9 Months Ended

Jun. 30, 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 June 30,				Nine Months Ended June 30,
	2024		2023		2024		2023
Numerator:
Net earnings	$	102,075	$	84,599	$	289,675	$	149,716
Denominator:
Basic shares outstanding		60,425		60,056		60,290		59,843
Dilutive effect of stock options, restricted units, and performance units		2,097		1,535		2,005		1,407
Diluted shares outstanding		62,522		61,591		62,295		61,250
Income per common share:
Basic earnings per share	$	1.69	$	1.41	$	4.80	$	2.50
Diluted earnings per share	$	1.63	$	1.37	$	4.65	$	2.44

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 June 30,				Nine Months Ended June 30,
	2024		2023		2024		2023
Options		80		564		53		1,554
Weighted-average option price	$	137.76	$	114.70	$	134.79	$	102.06

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 June 30,				Nine Months Ended June 30,
	2024		2023		2024		2023
Weighted-average treasury stock shares held for deferred compensation obligations		53		62		54		96