EARNINGS PER SHARE

9 Months Ended

Jun. 30, 2015

14.	EARNINGS PER SHARE

Basic earnings per share (EPS) is calculated by dividing net income available to common stockholders by the weighted-average number of common shares outstanding during the period, excluding the effects of unvested restricted stock awards with a right to receive non-forfeitable dividends, which are considered participating securities as prescribed by the two-class method under ASC 260. Diluted EPS is calculated in a similar manner, but the weighted-average number of common shares outstanding during the period is increased to include the weighted-average dilutive effect of "in-the-money" stock options and unvested restricted stock shares using the treasury stock method.

The standards of accounting for earnings per share require companies to provide a reconciliation of the numerator and denominator of the basic and diluted earnings per share computations. Basic and diluted earnings per share were calculated as follows:

	Three Months Ended June 30,						Nine Months Ended June 30,
	2015			2014			2015			2014
Numerator:
Net Income	$	9,886		$	13,302		$	43,613		$	34,705
Less: income attributable to participating securities		(145	)		(176	)		(392	)		(311	)
Earnings available to common shares	$	9,741		$	13,126		$	43,221		$	34,394

Denominator:
Weighted average common shares		24,332,879			23,752,770			24,004,885			23,768,858
(Denominator for basic calculation)

Weighted average effect of dilutive securities:
Share-based compensation		480,583			860,722			649,968			935,511
Diluted weighted average common shares		24,813,462			24,613,492			24,654,853			24,704,369
(Denominator for diluted calculation)

Earnings per share:

Basic	$	0.40		$	0.55		$	1.80		$	1.45

Diluted	$	0.39		$	0.53		$	1.75		$	1.39

For each of the three and nine months ended June 30, 2015 and 2014, approximately 0.7 million and 0.5 million shares, respectively, attributable to outstanding stock options were excluded from the calculation of diluted earnings per share because the exercise price of the options was greater than the average market price of our common stock and, therefore, their inclusion would have been anti-dilutive.