Earnings Per Share

6 Months Ended

Mar. 31, 2020

Note 4. 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 March 31,				Six-Months Ended March 31,
	2020		2019		2020		2019
Numerator:
Net earnings	$	91,318	$	77,579	$	144,691	$	126,699
Denominator:
Basic shares outstanding		62,266		62,175		62,128		61,995
Dilutive effect of stock options and restricted stock		2,298		2,389		2,494		2,312
Diluted shares outstanding		64,564		64,564		64,622		64,307
Income per common share:
Basic earnings per share	$	1.47	$	1.25	$	2.33	$	2.04
Diluted earnings per share	$	1.41	$	1.20	$	2.24	$	1.97

The following stock option grants were outstanding but were excluded from the computation of diluted earnings per share because their inclusion would have been anti-dilutive.


	Three-Months Ended March 31,				Six-Months Ended March 31,
	2020		2019		2020		2019
Options		686		239		686		1,493
Weighted-average option price	$	104.51	$	76.07	$	104.47	$	79.07

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 March 31,				Six-Months Ended March 31,
	2020		2019		2020		2019
Weighted-average treasury stock shares held for deferred compensation obligations		216		208		214		206