Earnings Per Share

6 Months Ended

Mar. 31, 2024

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 8 to the condensed consolidated financial statements, when the impact is dilutive.

Basic and diluted earnings per share for the three and six months ended March 31, 2024 and 2023 are calculated as follows:


	Three Months Ended March 31				Six Months Ended March 31
	2024		2023		2024		2023
	(In thousands, except per share amounts)
Basic Earnings Per Share
Net income	$	432,023	$	357,671	$	743,315	$	629,531
Less: Income allocated to participating securities	255		212		442		381
Income available to common shareholders	$	431,768	$	357,459	$	742,873	$	629,150
Basic weighted average shares outstanding	151,271		143,941		150,534		142,881
Net income per share — Basic	$	2.85	$	2.48	$	4.93	$	4.40
Diluted Earnings Per Share
Income available to common shareholders	$	431,768	$	357,459	$	742,873	$	629,150
Effect of dilutive shares	—		—		—		—
Income available to common shareholders	$	431,768	$	357,459	$	742,873	$	629,150
Basic weighted average shares outstanding	151,271		143,941		150,534		142,881
Dilutive shares	26		46		13		82
Diluted weighted average shares outstanding	151,297		143,987		150,547		142,963
Net income per share — Diluted	$	2.85	$	2.48	$	4.93	$	4.40