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Note 13 - Per Share Calculations
12 Months Ended
Oct. 31, 2024
Per Share Calculations  
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.