Earnings Per Share

9 Months Ended

Jun. 30, 2017

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 and restricted stock.

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,
	2017		2016		2017		2016
Numerator:
Net earnings	$	53,626	$	51,047	$	138,279	$	117,691
Denominator:
Basic shares outstanding		61,288		61,341		61,387		62,015
Dilutive effect of stock options and restricted stock		2,104		1,768		2,133		1,545
Diluted shares outstanding		63,392		63,109		63,520		63,560
Income per common share:
Basic earnings per share	$	0.87	$	0.83	$	2.25	$	1.90
Diluted earnings per share	$	0.85	$	0.81	$	2.18	$	1.85

The following stock option grants were outstanding during the three and nine-months ended June 30, 2017 and 2016, 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,
	2017		2016		2017		2016
Options		780		-		66		731
Weighted-average option price	$	62.64	$	n/a	$	62.98	$	46.55

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,
	2017		2016		2017		2016
Weighted-average treasury stock shares held for deferred compensation obligations		186		166		178		175