Earnings Per Share

12 Months Ended

Sep. 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:

	Year Ended September 30,
	2021		2020		2019
Numerator:
Net earnings	$	208,649	$	240,395	$	259,602
Denominator:
Basic shares outstanding		63,287		62,267		61,950
Dilutive effect of stock options and restricted stock units		2,268		1,942		2,548
Diluted shares outstanding		65,555		64,209		64,498
Income per common share:
Basic earnings per share	$	3.30	$	3.86	$	4.19
Diluted earnings per share	$	3.18	$	3.74	$	4.02

The following stock option grants were outstanding during the fiscal years ended September 30, 2021, 2020 and 2019, but were excluded from the computation of diluted earnings per share because their inclusion would have been anti-dilutive.

	Year Ended September 30,
	2021		2020		2019
Options		41		660		25
Weighted-average option price	$	116.38	$	104.45	$	96.54

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,

2021

2020

2019

Weighted-average treasury stock shares held for

deferred compensation obligations

186

211

208