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EARNINGS PER SHARE
 6 Months Ended
Mar. 31, 2020
Earnings Per Share [Abstract]  
EARNINGS PER SHARE EARNINGS PER SHARE

The following table presents the computation of basic and diluted earnings per common share.
 
 
Three months ended March 31,
 
Six months ended March 31,
in millions, except per share amounts
 
2020
 
2019
 
2020
 
2019
Income for basic earnings per common share:
 
 
 
 
 
 
 
 
Net income
 
$
169

 
$
261

 
$
437

 
$
510

Less allocation of earnings and dividends to participating securities
 
—

 
—

 
(1
)
 
—

Net income attributable to RJF common shareholders
 
$
169

 
$
261

 
$
436

 
$
510

Income for diluted earnings per common share:
 
 

 
 

 
 
 
 
Net income
 
$
169

 
$
261

 
$
437

 
$
510

Less allocation of earnings and dividends to participating securities
 
—

 
—

 
(1
)
 
—

Net income attributable to RJF common shareholders
 
$
169

 
$
261

 
$
436

 
$
510

Common shares:
 
 

 
 

 
 
 
 
Average common shares in basic computation
 
138.4

 
140.8

 
138.4

 
142.5

Dilutive effect of outstanding stock options and certain RSUs
 
2.7

 
3.1

 
2.9

 
2.9

Average common shares used in diluted computation
 
141.1

 
143.9

 
141.3

 
145.4

Earnings per common share:
 
 

 
 

 
 
 
 
Basic
 
$
1.22

 
$
1.85

 
$
3.15

 
$
3.58

Diluted
 
$
1.20

 
$
1.81

 
$
3.09

 
$
3.51

Stock options and certain RSUs excluded from weighted-average diluted common shares because their effect would be antidilutive
 
0.7

 
0.5

 
0.6

 
1.6



The allocation of earnings and dividends to participating securities in the preceding table 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 RSUs. Participating securities and related dividends paid on these participating securities were insignificant for the three and six months ended March 31, 2020 and 2019.  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 are detailed in the following table for each respective period.
 
Three months ended March 31,
 
Six months ended March 31,
 
2020
 
2019
 
2020
 
2019
Dividends per common share - declared
$
0.37

 
$
0.34

 
$
0.74

 
$
0.68

Dividends per common share - paid
$
0.37

 
$
0.34

 
$
0.71

 
$
0.64