Earnings Per Share

3 Months Ended

Dec. 31, 2022

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 December 31,
	2022		2021
Numerator:
Net earnings	$	29,606	$	30,305
Denominator:
Basic shares outstanding		59,667		63,094
Dilutive effect of stock options and restricted stock		1,261		2,005
Diluted shares outstanding		60,928		65,099
Income per common share:
Basic earnings per share	$	0.50	$	0.48
Diluted earnings per share	$	0.49	$	0.47

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 December 31,
	2022		2021
Options		1,598		477
Weighted-average option price	$	101.18	$	117.63

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,
	2022		2021
Weighted-average treasury stock shares held for deferred compensation obligations		131		168