Earnings Per Share

9 Months Ended

Jun. 30, 2022

We use the two-class method of computing earnings per share because we have participating securities in the form of non-vested restricted stock units with a nonforfeitable right to dividend equivalents, for which vesting is predicated solely on the passage of time. The calculation of earnings per share using the two-class method excludes income attributable to these participating securities from the numerator and excludes the dilutive impact of those shares from the denominator. Basic weighted average shares outstanding is calculated based upon the weighted average number of common shares outstanding during the periods presented. Also, this calculation includes fully vested stock awards that have not yet been issued as common stock. Additionally, the weighted average shares outstanding for diluted EPS includes the incremental effects of the forward sale agreements, discussed in Note 7 to the unaudited condensed consolidated financial statements, when the impact is dilutive. Basic and diluted earnings per share for the three and nine months ended June 30, 2022 and 2021 are calculated as follows:


	Three Months Ended June 30				Nine Months Ended June 30
	2022		2021		2022		2021
	(In thousands, except per share amounts)
Basic Earnings Per Share
Net income	$	128,547	$	102,411	$	702,755	$	616,843
Less: Income allocated to participating securities	79		70		465		440
Income available to common shareholders	$	128,468	$	102,341	$	702,290	$	616,403
Basic weighted average shares outstanding	139,881		131,358		136,799		129,185
Net income per share — Basic	$	0.92	$	0.78	$	5.13	$	4.77
Diluted Earnings Per Share
Income available to common shareholders	$	128,468	$	102,341	$	702,290	$	616,403
Effect of dilutive shares	—		—		—		—
Income available to common shareholders	$	128,468	$	102,341	$	702,290	$	616,403
Basic weighted average shares outstanding	139,881		131,358		136,799		129,185
Dilutive shares	346		128		256		44
Diluted weighted average shares outstanding	140,227		131,486		137,055		129,229
Net income per share - Diluted	$	0.92	$	0.78	$	5.12	$	4.77