Earnings Per Share

9 Months Ended

Jun. 30, 2021

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,
	2021		2020		2021		2020
Numerator:
Net earnings	$	48,861	$	38,465	$	158,744	$	183,156
Denominator:
Basic shares outstanding		63,559		62,309		63,215		62,188
Dilutive effect of stock options and restricted stock		2,351		1,118		2,284		2,085
Diluted shares outstanding		65,910		63,427		65,499		64,273
Income per common share:
Basic earnings per share	$	0.77	$	0.62	$	2.51	$	2.95
Diluted earnings per share	$	0.74	$	0.61	$	2.42	$	2.85

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,
	2021		2020		2021		2020
Options		34		2,357		49		670
Weighted-average option price	$	123.23	$	83.75	$	114.00	$	104.48

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,

2021

2020

2021

2020

Weighted-average treasury stock shares held for deferred compensation obligations

182

214

191

213