Earnings Per Share

6 Months Ended

Mar. 31, 2022

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,
	2022		2021		2022		2021
Numerator:
Net earnings	$	47,906	$	68,313	$	78,211	$	109,883
Denominator:
Basic shares outstanding		62,550		63,278		62,825		63,043
Dilutive effect of stock options and restricted stock		2,068		2,376		2,038		2,231
Diluted shares outstanding		64,618		65,654		64,863		65,274
Income per common share:
Basic earnings per share	$	0.77	$	1.08	$	1.24	$	1.74
Diluted earnings per share	$	0.74	$	1.04	$	1.21	$	1.68

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,
	2022		2021		2022		2021
Options		464		41		466		602
Weighted-average option price	$	117.92	$	117.39	$	117.95	$	104.85

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,
	2022		2021		2022		2021
Weighted-average treasury stock shares held for deferred compensation obligations		153		196		158		197