Earnings Per Share

12 Months Ended

Sep. 30, 2016

6. Earnings Per Share

Basic earnings per share, is calculated by dividing net earnings by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share, is calculated similarly but includes the potential dilution from the exercise of all outstanding stock options and stock awards, except when the effect would be anti-dilutive.

The following table sets forth the computations of basic and diluted earnings per share (in thousands, except per share data):

	Year ended September 30,
	2016		2015		2014
Net earnings	$	222,942	$	235,087	$	245,993


Total weighted average basic shares		147,179		156,353		159,933
Dilutive securities:
Stock options and stock award programs		1,624		1,873		3,486

Total weighted average diluted shares		148,803		158,226		163,419


Earnings per share:
Basic	$	1.51	$	1.50	$	1.54


Diluted	$	1.50	$	1.49	$	1.51

At September 30, 2016, 2015 and 2014, options to purchase 1,061,068, 1,090,459 and 130,952 shares, respectively, of the Company's common stock were outstanding but not included in the computation of diluted earnings per share, since these options were anti-dilutive. An anti-dilutive option is an option that is: (a) out-of-the-money (an option the exercise price of which is greater than the average price per share of the Company's common stock during the period), and (b) in-the-money (an option the exercise price of which is less than the average price per share of the Company's common stock during the period) for which the sum of assumed proceeds, including any unrecognized compensation expense related to such option, exceeds the average price per share for the period.