Earnings per Share

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. 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 and diluted earnings per share ("EPS") for the fiscal years ended September 30, 2018, 2017 and 2016.



	Fiscal Years Ended September 30,
	2018		2017		2016
	(dollars in thousands, except per share data)
Net income	$	157,916	$	144,786	$	121,253

Weighted average common shares outstanding	58,938,169		58,770,708		56,563,438
Dilutive effect of stock based compensation	193,481		258,674		165,912
Weighted average common shares outstanding for diluted earnings per share calculation	59,131,650		59,029,382		56,729,350

Basic earnings per share	$	2.68	$	2.46	$	2.14
Diluted earnings per share	$	2.67	$	2.45	$	2.14

The Company had no shares of unvested performance stock as of September 30, 2018 and 2017 which were not included in the computation of diluted earnings per common share because performance conditions for vesting had not been met. The Company had no shares of anti-dilutive stock awards outstanding as of September 30, 2018 and 2017.