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Note 13 - Per Share Calculations
12 Months Ended
Oct. 31, 2023
Notes to Financial Statements  
Earnings Per Share [Text Block]

13. Per Share Calculations

 

Basic and diluted earnings per share for the periods presented below were calculated as follows:

 

  

Year Ended October 31,

 

(In thousands, except per share data)

 

2023

  

2022

  

2021

 
             

Numerator:

            

Net income

 $205,891  $225,490  $607,817 

Less: preferred stock dividends

  (10,675)  (10,675)  - 

Less: undistributed earnings allocated to participating securities

  (16,027)  (19,702)  (57,676)

Numerator for basic earnings per share

 $179,189  $195,113  $550,141 

Plus: undistributed earnings allocated to participating securities

  16,027   19,702   57,676 

Less: undistributed earnings reallocated to participating securities

  (16,058)  (19,717)  (58,687)

Numerator for diluted earnings per share

 $179,158  $195,098  $549,130 

Denominator:

            

Denominator for basic earnings per share – weighted average shares outstanding

  6,230   6,437   6,287 

Effect of dilutive securities:

            

Stock-based payments

  436   291   108 

Denominator for diluted earnings per share – weighted-average shares outstanding

  6,666   6,728   6,395 

Basic earnings per share

 $28.76  $30.31  $87.50 

Diluted earnings per share

 $26.88  $29.00  $85.86 

 

In addition, 6 thousand, 26 thousand and 25 thousand shares related to out-of-the money stock options, which could potentially dilute basic earnings per share in the future, were not included in the computation of diluted earnings per share for the years ended October 31, 2023, 2022 and 2021, respectively, because to do so would have been anti-dilutive for each period.