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:



	Year Ended September 30,
	2018		2017		2016
Numerator:
Net earnings	$	180,378	$	200,507	$	180,838
Denominator:
Basic shares outstanding		61,493		61,366		61,893
Dilutive effect of stock options and restricted stock		2,383		2,146		1,663
Diluted shares outstanding		63,876		63,512		63,556
Income per common share:
Basic earnings per share	$	2.93	$	3.27	$	2.92
Diluted earnings per share	$	2.82	$	3.16	$	2.85

The following stock option grants were outstanding during the fiscal years ended September 30, 2018, 2017 and 2016, but were excluded from the computation of diluted earnings per share because their inclusion would have been anti-dilutive.



	Year Ended September 30,
	2018		2017		2016
Options		760		68		-
Weighted-average option price	$	78.72	$	63.23	$	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:



	Year Ended September 30,
	2018		2017		2016
Weighted-average treasury stock shares held for deferred compensation obligations		198		180		171