Earnings per Share
The following table presents reconciliations for the numerators and denominators of basic and diluted earnings per share (“EPS”) during fiscal 2025, 2024 and 2023: 
 Year Ended September 30,
 202520242023
 (In thousands, except per share data)
Numerator for diluted and basic earnings per share:
Net income$651,946 $512,811 $429,375 
Denominator — share:
Basic weighted-average shares24,239 24,676 24,986 
Effect of dilutive securities322 403 381 
Diluted weighted-average shares24,561 25,079 25,367 
Earnings per share:
Basic$26.90 $20.78 $17.18 
Diluted$26.54 $20.45 $16.93 
Anti-dilutive share-based awards excluded from the calculations of diluted EPS were immaterial during the years presented.

Historical Timeline

Fiscal YearFiled
2025Nov 7, 2025Showing above
2024Nov 6, 2024
2023Nov 8, 2023
2022Nov 9, 2022
2021Nov 10, 2021
2020Nov 12, 2020
2019Nov 8, 2019
2018Nov 9, 2018
2017Nov 9, 2017
2016Nov 10, 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.