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Earnings Per Share
 6 Months Ended
Mar. 31, 2015
Earnings Per Share  
Earnings Per Share

 

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):

 

 

 

Three Months Ended
March 31,

 

Six Months Ended
March 31,

 

 

 

2015

 

2014

 

2015

 

2014

 

Net earnings

 

$
61,535 

 

$
58,492 

 

$
116,444 

 

$
116,487 

 

Total weighted average basic shares

 
157,504 

 
162,535 

 
156,797 

 
163,075 

 

Dilutive securities:

 

 

 

 

 

 

 

 

 

Stock options and stock award programs

 
2,116 

 
3,605 

 
2,048 

 
3,562 

 

Total weighted average diluted shares

 
159,620 

 
166,140 

 
158,845 

 
166,637 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

Basic

 

$
0.39 

 

$
0.36 

 

$
0.74 

 

$
0.71 

 

Diluted

 

$
0.39 

 

$
0.35 

 

$
0.73 

 

$
0.70 

 

 

For the three months ended March 31, 2015 and 2014, options to purchase 33,592 shares and 1,460,803 shares, respectively, of the Company’s common stock were outstanding but not included in the computations of diluted earnings per share since these options were anti-dilutive. For the six months ended March 31, 2015 and 2014, options to purchase 1,096,594 shares and 1,460,803 shares, respectively, of the Company’s common stock were outstanding but not included in the computations of diluted earnings per share since these options were anti-dilutive. Anti-dilutive options are: (a) out-of-the-money options (options 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 options (options 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 options, exceeds the average price per share for the period.