Earnings Per Share

3 Months Ended

Dec. 31, 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 December 31,
	2021		2020
Numerator:
Net earnings	$	30,305	$	41,570
Denominator:
Basic shares outstanding		63,094		62,812
Dilutive effect of stock options and restricted stock		2,005		2,080
Diluted shares outstanding		65,099		64,892
Income per common share:
Basic earnings per share	$	0.48	$	0.66
Diluted earnings per share	$	0.47	$	0.64

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,
	2021		2020
Options		477		587
Weighted-average option price	$	117.63	$	104.99

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,
	2021		2020
Weighted-average treasury stock shares held for deferred compensation obligations		168		200