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
	December 31,
	2017		2016
Numerator:
Net earnings	$	18,260	$	46,548
Denominator:
Basic shares outstanding		61,246		61,559
Dilutive effect of stock options and restricted stock		2,463		2,112
Diluted shares outstanding		63,709		63,671
Income per common share:
Basic earnings per share	$	0.30	$	0.76
Diluted earnings per share	$	0.29	$	0.73

The following stock option grants were outstanding during the three-months ended December 31, 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
	December 31,
	2017		2016
Options		754		-
Weighted-average option price	$	78.75	$	n/a

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

December 31,

Weighted-average treasury stock shares held for

deferred compensation obligations