EARNINGS PER SHARE

12 Months Ended

Sep. 30, 2025

9. EARNINGS PER SHARE

The Company calculates basic and diluted earnings per common share using the two-class method. Under the two-class method, net earnings are allocated to each class of common stock and participating securities as if all of the net earnings for the period had been distributed. The Company's participating securities consist of share-based payment awards that contain a non-forfeitable right to receive dividends and therefore are considered to participate in undistributed earnings with common stockholders.

Basic earnings per common share excludes dilution and is calculated by dividing the net earnings allocable to common stock by the weighted-average number of common stock outstanding for the period. Diluted earnings per common share is calculated by dividing net earnings allocated to common stock by the weighted-average number of shares outstanding for the period, as adjusted for the potential dilutive effect of non-participating share-based awards.

The following table sets forth the computation of basic and diluted earnings per share:


	Fiscal Year Ended
(in thousands, except per share data)	September 30, 2025		September 30, 2024		September 30, 2023
Numerator:
Net (loss) income	$	(15,175)	$	472,872	$	689,899
Less: Undistributed earnings allocated to participating securities	—		6,135		10,637
Net income available to common shareholders	$	(15,175)	$	466,737	$	679,262

Denominator:
Basic weighted average common shares outstanding	34,035		36,390		38,797
Effect of dilutive securities: Non-participating employee stock options (1)	—		399		531
Diluted weighted average common shares outstanding	34,035		36,789		39,328

Basic earnings per share	$	(0.45)	$	12.83	$	17.51
Diluted earnings per share	$	(0.45)	$	12.69	$	17.27

(1) There were no stock options to purchase shares of common stock outstanding during the years ended September 30, 2025, September 30, 2024, and September 30, 2023, respectively, that would have been anti-dilutive. Any anti-dilutive options available would not be included in the calculation of diluted earnings per share.