Earnings Per Common Share

9 Months Ended

Jun. 30, 2014

Earnings Per Common Share

11.   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 nine months ended June 30, 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					Nine Months Ended
	June 30, 2014			June 30, 2013		June 30, 2014			June 30, 2013
Net income	$	3,752		$	16,991	$	38,744		$	55,873
Less: Income allocable to unvested restricted stock		(43	)		—		(439	)		—
Income available to common shareholders		3,709		$	16,991		38,305		$	55,873
Reallocation of participating earnings		—			—		1			—
Diluted income attributable to common shareholders	$	3,709		$	16,991	$	38,306		$	55,873
Weighted average number of common share equivalents:
Common shares used in basic earnings per share		12,951,845			12,911,316		12,949,807			12,873,677
Common share equivalents outstanding related to stock options		47,962			71,006		50,296			69,428
Total weighted average common shares and common share equivalents used in diluted earnings per share		12,999,807			12,982,322		13,000,103			12,943,105
Basic earnings per common share	$	0.29		$	1.32	$	2.96		$	4.34
Diluted earnings per common share	$	0.29		$	1.31	$	2.95		$	4.32

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