XML 71 R19.htm IDEA: XBRL DOCUMENT v2.3.0.15
11. Earnings Per Share
12 Months Ended
Sep. 30, 2011
Disclosure Earnings Per Share 
11. Earnings Per Share

11. Earnings Per Share

 

Since we have non-vested share-based payments with a nonforfeitable right to dividends or dividend equivalents (referred to as participating securities) we are required to use the two-class method of computing earnings per share. The Company's non-vested restricted stock and restricted stock units, granted under the LTIP, for which vesting is predicated solely on the passage of time, are considered to be participating securities. 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 and diluted earnings per share for the fiscal years ended September 30 are calculated as follows:

    2011 2010 2009
    (In thousands, except per share data)
            
Basic Earnings Per Share from continuing operations         
 Income from continuing operations $ 198,884 $ 198,273 $ 183,299
 Less: Income from continuing operations allocated         
  to participating securities   2,077   2,029   1,712
 Income from continuing operations available to         
  common shareholders $ 196,807 $ 196,244 $ 181,587
            
 Basic weighted average shares outstanding   90,201   91,852   91,117
 Income from continuing operations per share - Basic $ 2.18 $ 2.14 $ 1.99
            
Basic Earnings Per Share from discontinued operations         
 Income from discontinued operations $ 8,717 $ 7,566 $ 7,679
 Less: Income from discontinued operations allocated to          
  participating securities   91   77   72
 Income from discontinued operations available to         
  common shareholders $ 8,626 $ 7,489 $ 7,607
            
 Basic weighted average shares outstanding   90,201   91,852   91,117
 Income from discontinued operations per share -         
  Basic $ 0.10 $ 0.08 $ 0.09
            
 Net income per share - Basic $ 2.28 $ 2.22 $ 2.08
            
Diluted Earnings Per Share from continuing operations         
 Income from continuing operations available to         
  common shareholders $ 196,807 $ 196,244 $ 181,587
 Effect of dilutive stock options and other shares   4   5   4
 Income from continuing operations available to         
  common shareholders $ 196,811 $ 196,249 $ 181,591
            
 Basic weighted average shares outstanding   90,201   91,852   91,117
 Additional dilutive stock options and other shares   451   570   503
 Diluted weighted average shares outstanding   90,652   92,422   91,620
 Income from continuing operations per share -         
  Diluted $ 2.17 $ 2.12 $ 1.98
            
Diluted Earnings Per Share from discontinued operations         
 Income from discontinued operations available to         
  common shareholders $ 8,626 $ 7,489 $ 7,607
 Effect of dilutive stock options and other shares   -   -   -
 Income from discontinued operations available to         
  common shareholders $ 8,626 $ 7,489 $ 7,607
            
 Basic weighted average shares outstanding   90,201   91,852   91,117
 Additional dilutive stock options and other shares   451   570   503
 Diluted weighted average shares outstanding   90,652   92,422   91,620
 Income from discontinued operations per share -         
  Diluted $ 0.10 $ 0.08 $ 0.09
            
 Net income per share - Diluted $ 2.27 $ 2.20 $ 2.07

There were no out-of-the-money options excluded from the computation of diluted earnings per share for the fiscal years ended September 30, 2011 and 2010. There were approximately 70,000 out-of-the-money options excluded from the computation of diluted earnings per share for the fiscal year ended September 30, 2009.