Earnings Per Share

9 Months Ended

Jul. 31, 2016

Earnings per Share

We compute basic earnings per share (EPS) using the daily weighted average number of shares of common stock outstanding during each period. In the calculation of fully diluted EPS, shares of common stock to be issued under approved incentive compensation plan (ICP) awards and forward sale agreements (FSAs) are contingently issuable shares, as determined by applying the treasury stock method, and are added to average common shares outstanding, resulting in a potential reduction in diluted EPS.

A reconciliation of basic and diluted EPS, which includes contingently issuable shares that could affect EPS if performance units ultimately vest and any FSAs settle, for the three months and nine months ended July 31, 2016 and 2015 is presented below.



	Three Months						Nine Months
In thousands, except per share amounts	2016			2015			2016		2015
Net Income (Loss)	$	(6,730	)	$	(8,260	)	$	154,492	$	151,120

Average shares of common stock outstanding for basic earnings per share	81,214			79,039			81,095		78,826
Contingently issuable shares under ICP awards *	—			—			87		286
Contingently issuable restricted nonvested shares under accelerated ICP awards *	—						182
Contingently issuable shares under FSAs *	—			—			28		63
Average shares of dilutive stock	81,214			79,039			81,392		79,175

Earnings (Loss) Per Share of Common Stock:
Basic	$	(0.08	)	$	(0.10	)	$	1.91	$	1.92
Diluted	$	(0.08	)	$	(0.10	)	$	1.90	$	1.91

* The inclusion of 306 and 301 contingently issuable shares in the three months ended July 31, 2016 and 2015, respectively, under ICP awards and FSAs would have been antidilutive.

We accelerated the issuance of shares of common stock under approved ICP awards as permitted under the terms of the Merger Agreement. This acceleration resulted in the issuance of 181,944 restricted nonvested shares of our common stock in December 2015, plus 3,288 restricted nonvested shares of our common stock from the reinvestment of dividends on these shares during the nine months ended July 31, 2016. These restricted nonvested shares of our common stock are included in the calculation of diluted EPS in the table above but excluded in basic EPS and shares of our common stock outstanding because of their restricted nonvested nature. For further information on the acceleration of these shares of our common stock under our employee share-based plans, see Note 12 to the condensed consolidated financial statements in this Form 10-Q.