Note 13 - Per Share Calculation

6 Months Ended

Apr. 30, 2024

Per Share Calculation

Per Share Calculation

13. Per Share Calculation

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

	Three Months Ended						Six Months Ended
	April 30,						April 30,
(In thousands, except per share data)	2024				2023		2024			2023
Numerator:
Net income	$	50,836		$	34,146		$	74,740		$	52,862
Less: preferred stock dividends		(2,669	)		(2,669	)		(5,338	)		(5,338	)
Less: undistributed earnings allocated to participating securities		(2,193	)		(2,599	)		(3,214	)		(3,983	)
Numerator for basic earnings per share	$	45,974		$	28,878		$	66,188		$	43,541
Plus: undistributed earnings allocated to participating securities		2,193			2,599			3,215			3,983
Less: undistributed earnings reallocated to participating securities		(2,194	)		(2,600	)		(3,215	)		(3,987	)
Numerator for diluted earnings per share	$	45,973		$	28,877		$	66,188		$	43,537
Denominator:
Denominator for basic earnings per share – weighted average shares outstanding		6,457			6,166			6,477			6,176
Effect of dilutive securities:
Stock-based payments		445			296			443			287
Denominator for diluted earnings per share – weighted-average shares outstanding		6,902			6,462			6,920			6,463
Basic earnings per share	$	7.12		$	4.68		$	10.22		$	7.05
Diluted earnings per share	$	6.66		$	4.47		$	9.57		$	6.74

In addition, 26 thousand and 67 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 three and six months ended April 30, 2023, respectively, because to do so would have been anti-dilutive for the period. There were no shares related to out-of-the-money stock options for the three and six months ended April 30, 2024.