Earnings per Share

9 Months Ended

Jun. 30, 2020

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 three and nine months ended June 30, 2020 and 2019.


	Three Months Ended June 30,						Nine Months Ended June 30,
	2020		2019		2020		2019
	(dollars in thousands, except per share data)
Net income	$	5,400	$	26,783	$	(691,944)	$	117,080

Weighted average common shares outstanding	55,082,621		56,995,007		55,788,751		57,321,561
Dilutive effect of stock based compensation	62,998		115,096		—		86,462
Weighted average common shares outstanding for diluted earnings per share calculation	55,145,619		57,110,103		55,788,751		57,408,023

Basic earnings per share	$	0.10	$	0.47	$	(12.40)	$	2.04
Diluted earnings per share	$	0.10	$	0.47	$	(12.40)	$	2.04

The Company had 9,570 and no shares of unvested performance stock as of June 30, 2020 and 2019, respectively, 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 125,544 and 33,864 shares of anti-dilutive stock awards outstanding as of June 30, 2020 and 2019, respectively.