EARNINGS PER SHARE

12 Months Ended

Sep. 30, 2020

Basic and diluted earnings per share were calculated as follows:


	Year Ended September 30,
	2020		2019		2018
Numerator:
Net income available to common shares	$	142,828	$	39,215	$	110,043
Less: income attributable to participating securities1	—		—		(123)
Net income available to common stockholders	$	142,828	$	39,215	$	109,920

Denominator:
Weighted average common shares	29,136		28,571		25,518
Weighted average effect of dilutive securities	444		523		725
Diluted weighted average common shares	29,580		29,094		26,243

Earnings per share:
Basic	$	4.90	$	1.37	$	4.31
Diluted	$	4.83	$	1.35	$	4.19

1 Beginning in the first quarter of fiscal 2019, the amount of participating securities was no longer material and therefore, we have excluded such securities from our calculation of earnings per share in fiscal 2020 and 2019.

Shares excluded from the calculation of Diluted earnings per share as their inclusion would have been anti-dilutive were as follows:


	Year Ended September 30,
	2020	2019	2018
Outstanding stock options	102	196	100