8. EARNINGS PER SHARE

The following table presents the calculation of the Company’s basic and diluted earnings per share for the fiscal years ended September 30:
(Thousands, except per share amounts)202520242023
Net income, as reported$335,627 $289,775 $264,724 
Basic earnings per share
Weighted average shares of common stock outstanding-basic100,244 98,634 97,028 
Basic earnings per common share$3.35$2.94$2.73
Diluted earnings per share
Weighted average shares of common stock outstanding-basic100,244 98,634 97,028 
Incremental shares (1)
544 655 599 
Weighted average shares of common stock outstanding-diluted100,788 99,289 97,627 
Diluted earnings per common share$3.33$2.92$2.71
(1)Incremental shares consist primarily of unvested stock awards and performance units, which are calculated using the treasury stock method.
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Historical Timeline

Fiscal YearFiled
2025Nov 20, 2025Showing above
2024Nov 26, 2024
2023Nov 21, 2023
2022Nov 17, 2022
2021Nov 18, 2021
2020Nov 30, 2020
2019Nov 22, 2019
2015Nov 24, 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.