Earnings per Share

12 Months Ended

Sep. 30, 2016

Basic earnings per common share is calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period, excluding outstanding non-vested restricted stock awards. Diluted earnings per common share is calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding determined for the basic earnings per share calculation plus the dilutive effect of stock compensation using the treasury stock method.

The following information was used in the computation of basic earnings per share (EPS) for the years ended September 30, 2016, 2015 and 2014.



	2016		2015		2014
	(dollars in thousands, except per share data)
Net income	$	121,253	$	109,065	$	104,952

Weighted average common shares outstanding	56,563,438		57,455,693		57,886,114
Dilutive effect of stock based compensation	165,912		45,185		—
Weighted average common shares outstanding for diluted earnings per share calculation	56,729,350		57,500,878		57,886,114

Basic earnings per share	$	2.14	$	1.90	$	1.81
Diluted earnings per share	$	2.14	$	1.90	$	1.81

The Company had 36,696 and 30,909 shares of unvested performance stock as of September 30, 2016 and 2015, respectively, that were not included in the computation of diluted earnings per common share because performance conditions for vesting had not been met. The Company had 54,207 and 58,463 shares of anti-dilutive stock awards outstanding as of September 30, 2016 and 2015, respectively.