EARNINGS PER SHARE

3 Months Ended

Dec. 31, 2020

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


	Three months ended December 31,
in millions, except per share amounts	2020		2019
Income for basic earnings per common share:
Net income	$	312	$	268
Less allocation of earnings and dividends to participating securities	(1)		(1)
Net income attributable to RJF common shareholders	$	311	$	267
Income for diluted earnings per common share:
Net income	$	312	$	268
Less allocation of earnings and dividends to participating securities	(1)		(1)
Net income attributable to RJF common shareholders	$	311	$	267
Common shares:
Average common shares in basic computation	136.8		138.3
Dilutive effect of outstanding stock options and certain RSUs	2.9		3.2
Average common shares used in diluted computation	139.7		141.5
Earnings per common share:
Basic	$	2.27	$	1.93
Diluted	$	2.23	$	1.89
Stock options and certain RSUs excluded from weighted-average diluted common shares because their effect would be antidilutive	1.4		1.5

The allocation of earnings and dividends to participating securities in the preceding table represents dividends paid during the period to participating securities, consisting of certain RSUs, plus an allocation of undistributed earnings to such participating securities. Participating securities and related dividends paid on these participating securities were insignificant for the three months ended December 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 December 31,
	2020		2019
Dividends per common share - declared	$	0.39	$	0.37
Dividends per common share - paid	$	0.37	$	0.34