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Earnings Per Share
12 Months Ended
Sep. 30, 2020
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
We use the two-class method of computing earnings per share because we have participating securities in the form of non-vested restricted stock units with a nonforfeitable right to dividend equivalents, for which vesting is predicated solely on the passage of time. The calculation of earnings per share using the two-class method excludes income attributable to these participating securities from the numerator and excludes the dilutive impact of those shares from the denominator. Basic weighted average shares outstanding is calculated based upon the weighted average number of common shares outstanding during the periods presented. Also, this calculation includes fully vested stock awards that have not yet been issued as common stock. Additionally, the weighted average shares outstanding for diluted EPS includes the incremental effects of the forward sale agreements, discussed in Note 8, when the impact is dilutive.
Basic and diluted earnings per share for the fiscal years ended September 30 are calculated as follows:
 
2020
 
2019
 
2018
 
(In thousands, except per share data)
Basic Earnings Per Share
 
 
 
 
 
Net Income
$
601,443

 
$
511,406

 
$
603,064

Less: Income allocated to participating securities
444

 
416

 
580

Net Income available to common shareholders
$
600,999

 
$
510,990

 
$
602,484

Basic weighted average shares outstanding
122,788

 
117,200

 
111,012

Net Income per share — Basic
$
4.89

 
$
4.36

 
$
5.43

 
 
 
 
 
 
Diluted Earnings Per Share
 
 
 
 
 
Net Income available to common shareholders
$
600,999

 
$
510,990

 
$
602,484

Effect of dilutive shares

 

 

Net Income available to common shareholders
$
600,999

 
$
510,990

 
$
602,484

Basic weighted average shares outstanding
122,788

 
117,200

 
111,012

Dilutive shares
84

 
261

 

Diluted weighted average shares outstanding
122,872

 
117,461

 
111,012

Net Income per share — Diluted
$
4.89

 
$
4.35

 
$
5.43