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Earnings per Share (Notes)
 9 Months Ended
Jun. 30, 2020
Earnings Per Share [Abstract]  
Earnings Per Share [Text Block] Earnings per Share
The Company presents basic and diluted earnings per share (“EPS”) using the two-class method which requires all outstanding unvested share-based payment awards that contain rights to non-forfeitable dividends and therefore participate in undistributed earnings with common stockholders be included in computing earnings per share. Under the two-class method, net income is reduced by the amount of dividends declared in the period for each class of common stock and participating security. The remaining undistributed earnings are then allocated to common stock and participating securities, based on their respective rights to receive dividends. Restricted stock awards granted to certain employees and directors contain non-forfeitable rights to dividends at the same rate as common stock and are considered participating securities. Basic EPS has been computed by dividing net income by the weighted-average number of common shares outstanding.
The following is a reconciliation of the numerator and denominator of the diluted earnings per share computations for the periods presented below.
 
Three Months Ended June 30,
 
Nine Months Ended June 30,
(in millions, except share amounts)
2020
 
2019
 
2020
 
2019
Numerator:
 
 
 
 
 
 
 
Net income
$
36.6

 
$
16.3

 
$
92.2

 
$
57.9

Less: Allocation to participating securities
(0.9
)
 
(0.3
)
 
(2.1
)
 
(1.0
)
Net income allocated to common stockholders
$
35.7

 
$
16.0

 
$
90.1

 
$
56.9

Denominator:
 
 
 
 
 
 
 
Weighted average number of:
 
 
 
 
 
 
 
Common shares outstanding
18,807,104

 
18,781,401

 
18,809,823

 
18,731,203

Dilutive potential common shares outstanding:
 
 
 
 
 
 
 
Share-based awards
296,062

 
230,125

 
312,858

 
272,517

Diluted weighted-average common shares
19,103,166

 
19,011,526

 
19,122,681

 
19,003,720


The dilutive effect of share-based awards is reflected in diluted earnings per share by application of the treasury stock method, which includes consideration of unamortized share-based compensation expense required under the Compensation – Stock Compensation Topic of the ASC.
Options to purchase 947,830 and 1,209,943 shares of common stock for the three months ended June 30, 2020 and 2019, respectively, and options to purchase 983,799 and 835,441 shares of common stock for the nine months ended June 30, 2020 and 2019, respectively, were excluded from the calculation of diluted earnings per share as they would have been anti-dilutive