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Earnings Per Share
12 Months Ended
Sep. 30, 2024
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 9 to the consolidated financial statements, when the impact is dilutive.
Basic and diluted earnings per share for the fiscal years ended September 30 are calculated as follows:
202420232022
 (In thousands, except per share data)
Basic Earnings Per Share
Net income$1,042,895 $885,862 $774,398 
Less: Income allocated to participating securities553 542 508 
Net income available to common shareholders$1,042,342 $885,320 $773,890 
Basic weighted average shares outstanding152,508 145,121 137,830 
Net income per share — Basic$6.83 $6.10 $5.61 
Diluted Earnings Per Share
Net income available to common shareholders$1,042,342 $885,320 $773,890 
Effect of dilutive shares— — — 
Net income available to common shareholders$1,042,342 $885,320 $773,890 
Basic weighted average shares outstanding152,508 145,121 137,830 
Dilutive shares158 45 266 
Diluted weighted average shares outstanding152,666 145,166 138,096 
Net income per share — Diluted$6.83 $6.10 $5.60