Reconciliation of Net Income and Common Stock Share Amounts Used in Computation of Basic and Diluted EPS |
A reconciliation of net income and common stock share amounts used in the computation of basic and diluted earnings per share is presented below. | | | | | | | | | | | | | | | | | | | Fiscal Year Ended September 30, | (Dollars in Thousands, Except Per Share Data) | 2021 | | 2020 | | 2019 | Basic income per common share: | | | | | | Net income attributable to Meta Financial Group, Inc. | $ | 141,708 | | | $ | 104,720 | | | $ | 97,004 | | Dividends and undistributed earnings allocated to participating securities | (2,698) | | | (2,414) | | | (2,378) | | Basic net earnings available to common stockholders | 139,010 | | | 102,306 | | | 94,626 | | Undistributed earnings allocated to nonvested restricted stockholders | 2,575 | | | 2,249 | | | 2,187 | | Reallocation of undistributed earnings to nonvested restricted stockholders | (2,573) | | | (2,249) | | | (2,185) | | | | | | | | | | | | | | Diluted net earnings available to common stockholders | $ | 139,012 | | | $ | 102,306 | | | $ | 94,628 | | | | | | | | Total weighted-average basic common shares outstanding | 31,729,596 | | | 34,829,971 | | | 37,927,734 | | Effect of dilutive securities(1) | | | | | | Stock options | — | | | — | | | 40,718 | | Performance share units | 21,926 | | | — | | | — | | | | | | | | Total effect of dilutive securities | 21,926 | | | — | | | 40,718 | | Total weighted-average diluted common shares outstanding | 31,751,522 | | | 34,829,971 | | | 37,968,452 | | | | | | | | Net earnings per common share: | | | | | | Basic earnings per common share | $ | 4.38 | | | $ | 2.94 | | | $ | 2.49 | | Diluted earnings per common share(2) | $ | 4.38 | | | $ | 2.94 | | | $ | 2.49 | |
(1) Represents the effect of the assumed exercise of stock options and vesting of performance share units and restricted stock, as applicable, utilizing the treasury stock method. (2) Excluded from the computation of diluted earnings per share for the fiscal years ended September 30, 2021, 2020, and 2019, respectively, were 615,811, 821,738, and 953,185 weighted average shares of nonvested restricted stock because their inclusion would be anti-dilutive.
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