Earnings per Share (EPS) and Common Stock

9 Months Ended

Jun. 30, 2022

Earnings Per Share And Common Stock [Abstract]

Earnings per Share (EPS) and Common Stock

5. Earnings per Share (EPS) and Common Stock

EPS

The following table presents the calculation for both basic and diluted EPS:

(in thousands, except per share data)	Three months ended				Nine months ended
	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Net income	$	70,476	$	51,203	$	206,244	$	183,980
Weighted-average shares outstanding—Basic		117,073		116,934		117,114		116,702
Dilutive effect of restricted stock units		895		1,677		983		1,479
Weighted-average shares outstanding—Diluted		117,968		118,611		118,097		118,181
Earnings per share—Basic	$	0.60	$	0.44	$	1.76	$	1.58
Earnings per share—Diluted	$	0.60	$	0.43	$	1.75	$	1.56

Anti-dilutive shares for the three and nine months ended June 30, 2022 and 2021 were immaterial.

Common Stock Repurchases

Our Articles of Organization authorize us to issue up to 500 million shares of our common stock. Our Board of Directors has authorized us to repurchase up to $1 billion of our common stock in the period October 1, 2020 through September 30, 2023. In the third quarter ended June 30, 2022, we did not repurchase any shares. In the nine months ended June 30, 2022, we repurchased 1,046 thousand shares for $125 million. We did not repurchase any shares in the third quarter and first nine months of 2021. All shares of our common stock repurchased are automatically restored to the status of authorized and unissued.