Per Share Calculations |
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) |
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Numerator: |
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
242,008 |
|
|
$ |
205,891 |
|
|
$ |
225,490 |
|
Less: preferred stock dividends |
|
|
(10,675 |
) |
|
|
(10,675 |
) |
|
|
(10,675 |
) |
Less: undistributed earnings allocated to participating securities |
|
|
(8,454 |
) |
|
|
(16,027 |
) |
|
|
(19,702 |
) |
Numerator for basic earnings per share |
|
$ |
222,879 |
|
|
$ |
179,189 |
|
|
$ |
195,113 |
|
Plus: undistributed earnings allocated to participating securities |
|
|
8,454 |
|
|
|
16,027 |
|
|
|
19,702 |
|
Less: undistributed earnings reallocated to participating securities |
|
|
(8,605 |
) |
|
|
(16,058 |
) |
|
|
(19,717 |
) |
Numerator for diluted earnings per share |
|
$ |
222,728 |
|
|
$ |
179,158 |
|
|
$ |
195,098 |
|
Denominator: |
|
|
|
|
|
|
|
|
|
|
|
|
Denominator for basic earnings per share – weighted average shares outstanding |
|
|
6,479 |
|
|
|
6,230 |
|
|
|
6,437 |
|
Effect of dilutive securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based payments |
|
|
528 |
|
|
|
436 |
|
|
|
291 |
|
Denominator for diluted earnings per share – weighted-average shares outstanding |
|
|
7,007 |
|
|
|
6,666 |
|
|
|
6,728 |
|
Basic earnings per share |
|
$ |
34.40 |
|
|
$ |
28.76 |
|
|
$ |
30.31 |
|
Diluted earnings per share |
|
$ |
31.79 |
|
|
$ |
26.88 |
|
|
$ |
29.00 |
|
There were no anti-dilutive shares in fiscal 2024. Anti-dilutive shares were immaterial in fiscal 2023 and 2022.
|