Earnings per Share

12 Months Ended

Sep. 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 for the fiscal years ended September 30, 2020, 2019 and 2018.


	Fiscal Years Ended September 30,
	2020		2019		2018
	(dollars in thousands, except per share data)
Net income	$	(680,808)	$	167,365	$	157,916

Weighted average common shares outstanding	55,612,251		57,154,865		58,938,169
Dilutive effect of stock based compensation	—		102,196		193,481
Weighted average common shares outstanding for diluted earnings per share calculation	55,612,251		57,257,061		59,131,650

Basic earnings per share	$	(12.24)	$	2.93	$	2.68
Diluted earnings per share	$	(12.24)	$	2.92	$	2.67

The Company had 17,074 shares of unvested performance stock as of September 30, 2020 and no shares of unvested performance stock as of September 30, 2019 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 132,526 and 18,006 shares of anti-dilutive stock awards outstanding as of September 30, 2020 and 2019, respectively.