Earnings Per Share
Basic income per share is calculated by dividing net income by the weighted-average number of shares outstanding during the period. Diluted income per share adjusts the basic income per share for the effects of any potentially dilutive securities in periods in which the Company has net income and such effects are dilutive under the treasury stock method.
Following is a summary of the components of basic and diluted income per share for the periods presented:
Fiscal Year Ended September 30,
in thousands (except per share data)202520242023
Numerator:
Income from continuing operations$45,588 $140,175 $158,688 
Loss from discontinued operations, net of tax — (77)
Net income $45,588 $140,175 $158,611 
Denominator:
Basic weighted-average shares29,758 30,548 30,353 
Dilutive effect of restricted stock awards251 397 388 
Dilutive effect of stock options2 
Diluted weighted-average shares(a)
30,011 30,953 30,747 
Basic income per share:
Continuing operations$1.53 $4.59 $5.23 
Discontinued operations — — 
Total$1.53 $4.59 $5.23 
Diluted income per share:
Continuing operations$1.52 $4.53 $5.16 
Discontinued operations — — 
Total$1.52 $4.53 $5.16 
(a) The following potentially dilutive shares were excluded from the calculation of diluted income per share as a result of their anti-dilutive effect.
Fiscal Year Ended September 30,
in thousands202520242023
Stock options1 — 11 
Time-based restricted stock110 — 
Performance-based restricted stock2 — — 

Historical Timeline

Fiscal YearFiled
2025Nov 13, 2025Showing above
2024Nov 13, 2024
2023Nov 16, 2023
2022Nov 10, 2022
2021Nov 10, 2021
2020Nov 12, 2020
2019Nov 13, 2019
2018Nov 13, 2018
2017Nov 14, 2017
2016Nov 15, 2016
2015Nov 10, 2015

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.