Earnings Per Common Share

12 Months Ended

Sep. 30, 2013

Earnings Per Common Share

16. Earnings Per Common Share:

Basic earnings per share is computed by dividing net earnings available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is determined on the assumption that outstanding dilutive stock options have been exercised and the aggregate proceeds as defined were used to reacquire common stock using the average price of such common stock for the period. Other than the disclosure of the authorized number of shares of the Company’s common stock, all share and per-share disclosures have been adjusted for all periods presented in the consolidated financial statements to give effect to the recent 2-for-1 stock split.

The following table summarizes the calculation of weighted average common shares and common equivalent shares outstanding for purposes of basic and diluted earnings per share (in thousands, except share and per share amounts):

	YEAR ENDED SEPTEMBER 30,
	2013		2012		2011
Net income	$	69,557	$	35,118	$	29,711
Weighted average common shares and common share equivalents:
Common shares		12,886,372		12,735,520		12,441,313
Common share equivalents		52,289		100,719		131,334
Total weighted average common shares and common share equivalents		12,938,661		12,836,239		12,572,647
Earnings per share:
Basic	$	5.40	$	2.76	$	2.39
Diluted	$	5.38	$	2.74	$	2.36

For the calculation of diluted earnings per share for each of fiscal years 2013, 2012 and 2011, no stock options were excluded in the calculation of weighted average shares outstanding as a result of their impact being antidilutive.