v3.26.1
Earnings per Share
 9 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
Earnings per Share 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)2026202520262025
Numerator:
Net income$127.9 $63.4 $441.2 $220.2 
Less: Allocation to participating securities(3.7)(2.4)(13.7)(7.3)
Net income allocated to common stockholders$124.2 $61.0 $427.5 $212.9 
Denominator:
Weighted average number of:
Common shares outstanding115,856,734 106,010,592 114,793,795 105,240,726 
Dilutive potential common shares outstanding:
Share-based awards8,625,460 6,381,776 7,872,913 5,690,416 
Diluted weighted-average common shares124,482,194 112,392,368 122,666,708 110,931,142 
The dilutive effect of share-based awards is reflected in diluted net income per share by applying the treasury stock method, which includes consideration of unamortized share-based compensation expense.
Options to purchase 213,371 and 959,294 shares of common stock for the three months ended June 30, 2026 and 2025, respectively, were excluded from the calculation of diluted earnings per share as they would have been anti-dilutive. Options to
purchase 627,101 and 1,171,539 shares of common stock for the nine months ended June 30, 2026 and 2025, respectively, were excluded from the calculation of diluted earnings per share as they would have been anti-dilutive.