Earnings Per Share

9 Months Ended

Jun. 30, 2014

Earnings Per Share

Earnings Per Share

Note 3.  Earnings per share

Basic earnings per share is computed by dividing net earnings available to common stockholders by the weighted-average number of shares of common stock outstanding for the period.

Diluted earnings per share reflects the weighted-average number of shares outstanding after consideration of the dilutive effect of stock options.

The following is a reconciliation of net earnings to basic earnings per share and diluted earnings per share:

	Three-Months Ended				Nine-Months Ended
	June 30,				June 30,
	2014		2013		2014		2013
Numerator:
Net earnings	$	46,001	$	23,663	$	114,182	$	93,477
Denominator:
Basic shares outstanding		65,845		68,323		66,736		68,506
Dilutive effect of stock options and restricted stock		1,302		1,107		1,294		1,192
Diluted shares outstanding		67,147		69,430		68,030		69,698
Income per common share:
Basic earnings per share	$	0.70	$	0.35	$	1.71	$	1.36
Diluted earnings per share	$	0.69	$	0.34	$	1.68	$	1.34

The following stock option grants were outstanding during the three and nine-months ended June 30, 2014 and 2013, but were excluded from the computation of diluted earnings per share because their inclusion would have been anti-dilutive:

	Three-Months Ended				Nine-Months Ended
	June 30,				June 30,
	2014		2013		2014		2013
Options		677		722		236		239
Weighted-average option price	$	40.99	$	34.06	$	41.05	$	34.83

The weighted-average shares of common stock outstanding for basic and diluted earnings per share included the weighted-average treasury stock shares held for deferred compensation obligations of the following:

	Three-Months Ended				Nine-Months Ended
	June 30,				June 30,
	2014		2013		2014		2013
Weighted-average treasury stock shares held for deferred compensation obligations		206		247		220		262