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Earnings Per Share
 9 Months Ended
Jun. 30, 2022
Earnings Per Share [Abstract]  
Earnings Per Share

Note 15. Earnings Per Share

The restricted stock grants to non-employee directors prior to fiscal 2022 were considered participating securities as they received non-forfeitable rights to dividends at the same rate as our Common Stock. As participating securities, we included these instruments in the earnings allocation in computing earnings per share under the two-class method described in ASC 260, “Earnings per Share”. Beginning in fiscal 2022, the restricted stock grants to non-employee directors are not considered participating securities as the rights to dividends accrued during the vesting period are forfeitable. The following table sets forth the computation of basic and diluted earnings per share under the two-class method (in millions, except per share data):

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to common stockholders

 

$

377.9

 

 

$

250.1

 

 

$

600.1

 

 

$

514.6

 

Less: Distributed and undistributed income
   available to participating securities

 

 

—

 

 

 

—

 

 

 

(0.1

)

 

 

(0.1

)

Distributed and undistributed income available to
   common stockholders

 

$

377.9

 

 

$

250.1

 

 

$

600.0

 

 

$

514.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average shares outstanding

 

 

255.6

 

 

 

266.5

 

 

 

261.2

 

 

 

264.7

 

Effect of dilutive stock options and non-
   participating securities

 

 

1.8

 

 

 

2.5

 

 

 

2.0

 

 

 

2.3

 

Diluted weighted average shares outstanding

 

 

257.4

 

 

 

269.0

 

 

 

263.2

 

 

 

267.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share attributable to common
   stockholders

 

$

1.48

 

 

$

0.94

 

 

$

2.30

 

 

$

1.94

 

Diluted earnings per share attributable to
   common stockholders

 

$

1.47

 

 

$

0.93

 

 

$

2.28

 

 

$

1.93

 

 

Approximately 0.4 million and 0.5 million awards in the three months ended June 30, 2022 and 2021, respectively, were not included in computing diluted earnings per share because the effect would have been antidilutive. Approximately 0.4 million and 0.6 million awards in the nine months ended June 30, 2022 and 2021, respectively, were not included in computing diluted earnings per share because the effect would have been antidilutive.