Earnings Per Share

6 Months Ended

Mar. 31, 2021

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,
	2021		2020		2021		2020
Numerator:
Net earnings	$	68,313	$	91,318	$	109,883	$	144,691
Denominator:
Basic shares outstanding		63,278		62,266		63,043		62,128
Dilutive effect of stock options and restricted stock		2,376		2,298		2,231		2,494
Diluted shares outstanding		65,654		64,564		65,274		64,622
Income per common share:
Basic earnings per share	$	1.08	$	1.47	$	1.74	$	2.33
Diluted earnings per share	$	1.04	$	1.41	$	1.68	$	2.24

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,
	2021		2020		2021		2020
Options		41		686		602		686
Weighted-average option price	$	117.39	$	104.51	$	104.85	$	104.47

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,

2021

2020

2021

2020

Weighted-average treasury stock shares held for deferred compensation obligations

196

216

197

214