Earnings Per Share

6 Months Ended

Mar. 31, 2025

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, 2025 and 2024 are calculated as follows:


	Three Months Ended March 31				Six Months Ended March 31
	2025		2024		2025		2024
	(In thousands, except per share amounts)
Basic Earnings Per Share
Net income	$	485,576	$	432,023	$	837,434	$	743,315
Less: Income allocated to participating securities	245		255		436		442
Income available to common shareholders	$	485,331	$	431,768	$	836,998	$	742,873
Basic weighted average shares outstanding	159,177		151,271		157,739		150,534
Net income per share — Basic	$	3.05	$	2.85	$	5.31	$	4.93
Diluted Earnings Per Share
Income available to common shareholders	$	485,331	$	431,768	$	836,998	$	742,873
Effect of dilutive shares	—		—		—		—
Income available to common shareholders	$	485,331	$	431,768	$	836,998	$	742,873
Basic weighted average shares outstanding	159,177		151,271		157,739		150,534
Dilutive shares	1,249		26		1,386		13
Diluted weighted average shares outstanding	160,426		151,297		159,125		150,547
Net income per share — Diluted	$	3.03	$	2.85	$	5.26	$	4.93