5.
Weighted Average Shares

The following table sets forth the computations of basic and diluted earnings per share (in thousands):

 

 

 

Fiscal Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Weighted-average basic shares

 

 

100,662

 

 

 

103,939

 

 

 

107,332

 

Dilutive securities:

 

 

 

 

 

 

 

 

 

Stock option and stock award programs

 

 

3,159

 

 

 

2,994

 

 

 

2,004

 

Weighted-average diluted shares

 

 

103,821

 

 

 

106,933

 

 

 

109,336

 

 

At September 30, 2025, 2024 and 2023, options to purchase approximately 1.5 million, 1.6 million, and 1.9 million shares, respectively, of our common stock were outstanding but not included in the computation of diluted earnings per share, due to the options being anti-dilutive.

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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.