EARNINGS PER SHARE

9 Months Ended

Jun. 30, 2020

Basic earnings per share 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 “Earnings per Share”. Diluted earnings per share 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 and units using the treasury stock method.

Basic and diluted earnings per share were calculated as follows:


	Three Months Ended June 30,						Nine Months Ended June 30,
	2020		2019		2020		2019
Numerator:
Net income available to common shares	$	34,525	$	18,878	$	105,973	$	59,458

Denominator:
Weighted average common shares	29,079		29,064		29,157		28,399
(Denominator for basic calculation)
Weighted average effect of dilutive securities	377		504		446		525
Diluted weighted average common shares	29,456		29,568		29,603		28,924
(Denominator for diluted calculation)

Earnings per share:

Basic	$	1.19	$	0.65	$	3.63	$	2.09

Diluted	$	1.17	$	0.64	$	3.58	$	2.06

Approximately 124 and 96 shares for the three and nine months ended June 30, 2020, respectively, and 144 and 204 shares for the three and nine months ended June 30, 2019, respectively, attributable to outstanding stock options were excluded from the calculation of Diluted earnings per share as their inclusion would have been anti-dilutive.