EARNINGS PER SHARE

12 Months Ended

Sep. 30, 2021

During our fiscal fourth quarter of 2021 the Board of Directors approved a 3-for-2 stock split, effected in the form of a 50% stock dividend, paid on September 21, 2021. All share and per share information has been retroactively adjusted to reflect this stock split.

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


	Year ended September 30,
$ in millions, except per share amounts	2021		2020		2019
Income for basic earnings per common share:
Net income	$	1,403	$	818	$	1,034
Less allocation of earnings and dividends to participating securities	(2)		(1)		(2)
Net income attributable to RJF common shareholders	$	1,401	$	817	$	1,032
Income for diluted earnings per common share:
Net income	$	1,403	$	818	$	1,034
Less allocation of earnings and dividends to participating securities	(2)		(1)		(2)
Net income attributable to RJF common shareholders	$	1,401	$	817	$	1,032
Common shares:
Average common shares in basic computation	205.7		206.4		211.5
Dilutive effect of outstanding stock options and certain RSUs	5.5		3.9		4.5
Average common and common equivalent shares used in diluted computation	211.2		210.3		216.0
Earnings per common share:
Basic	$	6.81	$	3.96	$	4.88
Diluted	$	6.63	$	3.88	$	4.78
Stock options and certain RSUs excluded from weighted-average diluted common shares because their effect would be antidilutive	0.1		2.3		0.6

The allocation of earnings and dividends to participating securities in the preceding table represents dividends paid during the year 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 years ended September 30, 2021, 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.


	Year ended September 30,
	2021		2020		2019
Dividends per common share - declared	$	1.04	$	0.99	$	0.91
Dividends per common share - paid	$	1.03	$	0.97	$	0.88