EARNINGS PER SHARE (Tables)

12 Months Ended

Sep. 30, 2011

Computation of Basic and Diluted Earnings Per Share

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

	Year ended September 30,
	2011			2010			2009
	(in thousands, except per share amounts)
Income for basic earnings per common share:
Net income attributable to RJF	$	278,353		$	228,283		$	152,750
Less allocation of earnings and dividends to participating securities (1)		(8,777	)		(9,607	)		(6,339	)
Net income attributable to RJF common shareholders	$	269,576		$	218,676		$	146,411

Income for diluted earnings per common share:
Net income attributable to RJF	$	278,353		$	228,283		$	152,750
Less allocation of earnings and dividends to participating securities (1)		(8,756	)		(9,592	)		(6,336	)
Net income attributable to RJF common shareholders	$	269,597		$	218,691		$	146,414

Common shares:
Average common shares in basic computation		122,448			119,335			117,188
Dilutive effect of outstanding stock options and certain restricted stock units		388			257			100
Average common shares used in diluted computation		122,836			119,592			117,288

Earnings per common share:
Basic	$	2.20		$	1.83		$	1.25
Diluted	$	2.19		$	1.83		$	1.25
Stock options and certain restricted stock units excluded from weighted-average diluted common shares because their effect would be antidilutive		2,136			3,549			4,176

(1)

Represents dividends paid during the period to participating securities plus an allocation of undistributed earnings to participating securities. Participating securities represent unvested restricted stock and certain restricted stock units and amounted to weighted-average shares of 4 million, 5.3 million, and 5.2 million for the years ended September 30, 2011, 2010 and 2009, respectively. Dividends paid to participating securities amounted to $1.9 million, $2.2 million and $2.1 million during the years ended September 30, 2011, 2010 and 2009, respectively. Undistributed earnings are allocated to participating securities based upon their right to share in earnings if all earnings for the period had been distributed.

Dividends per Common Share Declared and Paid

Dividends per common share declared and paid are as follows:

	Year ended September 30,
	2011		2010		2009

Dividends per common share - declared	$	0.52	$	0.44	$	0.44
Dividends per common share - paid	$	0.50	$	0.44	$	0.44