Earnings per Share (EPS) and Common Stock

6 Months Ended

Mar. 31, 2025

Earnings Per Share And Common Stock [Abstract]

Earnings per Share (EPS) and Common Stock

4. 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				Six months ended
	March 31, 2025		March 31, 2024		March 31, 2025		March 31, 2024
Net income	$	162,644	$	114,445	$	244,876	$	180,832
Weighted-average shares outstanding—Basic		120,177		119,587		120,210		119,354
Dilutive effect of restricted stock units		677		1,125		790		1,126
Weighted-average shares outstanding—Diluted		120,854		120,712		121,000		120,480
Earnings per share—Basic	$	1.35	$	0.96	$	2.04	$	1.52
Earnings per share—Diluted	$	1.35	$	0.95	$	2.02	$	1.50

There were 0.3 million and 0.2 million anti-dilutive shares for the three and six months ended March 31, 2025, respectively. There were 0.1 million anti-dilutive shares for the three and six months ended March 31, 2024.

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 $2 billion of our common stock in the period October 1, 2024 through September 30, 2027. In the second quarter and first six months of 2025, we repurchased 0.5 million shares for $75 million and 0.8 million shares for $150 million, respectively. We did not repurchase any shares in the second quarter and first six months of 2024. All shares of our common stock repurchased are automatically restored to the status of authorized and unissued.