Earnings per Share and Dividends per Share

6 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Earnings per Share and Dividends per Share

(8) Earnings per Share and Dividends per Share

Basic earnings per share is determined by dividing net earnings by the weighted average number of shares of common stock outstanding, while diluted earnings per share is determined by dividing net earnings by the weighted average number of shares of common stock outstanding adjusted for the dilutive effect of common stock equivalents, which consist of restricted stock units (“RSUs”).

For both the three and six months ended March 31, 2020, the Company excluded 184,871 common stock equivalents from the diluted earnings per share calculations because they were not dilutive. For the three and six months ended March 31, 2019, the Company excluded 280,683 and 323,432 common stock equivalents, respectively, from the diluted earnings per share calculation because they were not dilutive. In each case, the excluded common stock equivalents consisted of non-vested RSUs.

The Company paid a quarterly cash dividend of $0.1375 per share on March 6, 2020, to shareholders of record as of February 24, 2020.