Earnings Per Common Share

6 Months Ended

Mar. 31, 2014

Earnings Per Common Share

10. Earnings Per Common Share

In connection with the issuances of restricted stock during fiscal year 2014, the Company applied the two-class method in calculating per share data for the three and six months ended March 31, 2014. The following table summarizes the calculation of net earnings and weighted average common shares and common equivalent shares outstanding for purposes of the computation of earnings per share (in thousands, except share and per share data):

	Three Months Ended					Six Months Ended
	March 31, 2014			March 31, 2013		March 31, 2014			March 31, 2013
Net income	$	10,816		$	16,869	$	34,992		$	38,882
Less: Income allocable to unvested restricted stock		(109	)		—		(353	)		—
Income available to common shareholders		10,707		$	16,869		34,639		$	38,882
Reallocation of participating earnings		—			—		1			—
Diluted income attributable to common shareholders	$	10,707		$	16,869	$	34,640		$	38,882
Weighted average number of common share equivalents:
Common shares used in basic earnings per share		12,950,416			12,882,396		12,948,788			12,854,858
Common share equivalents outstanding related to stock options		51,967			73,170		52,287			69,156
Total weighted average common shares and common share equivalents used in diluted earnings per share		13,002,383			12,955,566		13,001,075			12,924,014
Basic earnings per common share	$	.83		$	1.31	$	2.68		$	3.02
Diluted earnings per common share	$	.82		$	1.30	$	2.66		$	3.01

There were no stock options excluded from the computation of weighted average shares outstanding due to anti-dilution.