Earnings Per Common Share

12 Months Ended

Sep. 30, 2014

Earnings Per Share [Abstract]

Earnings Per Common Share

16. 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 fiscal year ended September 30, 2014.  Basic earnings per share is computed by dividing net earnings available to common stockholders by the weighted average number of common shares used in basic earnings per share 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 for 2012 have been adjusted in the consolidated financial statements to give effect to the 2012 2-for-1 stock split.

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 amounts):

	YEAR ENDED SEPTEMBER 30,
	2014			2013		2012
Net income	$	36,911		$	69,557	$	35,118
Less:  Income allocable to unvested restricted stock		(444	)		—		—
Income available to common shareholders		36,467			69,557		35,118
Reallocation of participating earnings		2			—		—
Income attributable to common shareholders for diluted earnings per share	$	36,469		$	69,557	$	35,118
Weighted average number of common share equivalents:
Common shares used in basic earnings per share		12,950,958			12,886,372		12,735,520
Common share equivalents outstanding related to stock options		46,051			52,289		100,719
Total weighted average common shares and common share equivalents used in diluted earnings per share		12,997,009			12,938,661		12,836,239
Earnings per share:
Basic	$	2.82		$	5.40	$	2.76
Diluted	$	2.81		$	5.38	$	2.74

For the calculation of diluted earnings per share for each of fiscal years 2014, 2013 and 2012, no stock options were excluded in the calculation of weighted average shares outstanding as a result of their impact being antidilutive.