EARNINGS PER SHARE

9 Months Ended

Jun. 30, 2016

15.	EARNINGS PER SHARE

Basic earnings per share (EPS) is calculated by dividing net income available to common stockholders by the weighted-average number of common shares outstanding during the period, excluding the effects of unvested restricted stock awards that have a right to receive non-forfeitable dividends, which are considered participating securities as prescribed by the two-class method under ASC 260. Diluted EPS is calculated in a similar manner, but the weighted-average number of common shares outstanding during the period is increased to include the weighted-average dilutive effect of "in-the-money" stock options and unvested restricted stock shares using the treasury stock method.

The standards of accounting for earnings per share require companies to provide a reconciliation of the numerator and denominator of the basic and diluted earnings per share computations. Basic and diluted earnings per share were calculated as follows:

	Three Months Ended June 30,						Nine Months Ended June 30,
	2016			2015			2016			2015
Numerator:
Net Income	$	18,702		$	9,886		$	39,142			43,613
Less: income attributable to participating securities		(110	)		(145	)		(260	)		(392	)
Earnings available to common shares	$	18,592		$	9,741		$	38,882			43,221

Denominator:
Weighted average common shares		23,928,512			24,332,879			24,022,809			24,004,885
(Denominator for basic calculation)

Weighted average effect of dilutive securities:
Share-based compensation		396,654			480,583			380,071			649,968
Diluted weighted average common shares		24,325,166			24,813,462			24,402,880			24,654,853
(Denominator for diluted calculation)

Earnings per share:

Basic	$	0.78		$	0.40		$	1.62			1.80

Diluted	$	0.76		$	0.39		$	1.59			1.75

For the three and nine months ended June 30, 2016 and 2015, approximately 1.2 million and 0.7 million shares, respectively, attributable to outstanding stock options were excluded from the calculation of diluted earnings per share because the exercise price of the options was greater than the average market price of our common stock and, therefore, their inclusion would have been anti-dilutive.