EARNINGS PER SHARE

6 Months Ended

Apr. 30, 2014

EARNINGS PER SHARE

NOTE 4—EARNINGS PER SHARE

Certain share-based payment awards entitling holders to receive non-forfeitable dividends before vesting are considered participating securities and thus are included in the calculation of basic earnings per share, to the extent they are dilutive. These awards are included in the calculation of basic earnings per share under the two-class method. The two-class method allocates earnings for the period between common shareholders and other security holders. The participating awards receiving dividends are allocated the same amount of income as if they were vested shares.

The following table presents earnings per share.

	For the three months ended
	April 30, 2014			April 30, 2013
	(in thousands except per share amounts)
Net Income	$	50,988		$	24,371
Distributed and undistributed (earnings) to unvested restricted stock		(1,390	)		(679	)
Distributed and undistributed earnings to common shareholders—Basic	$	49,598		$	23,692
Weighted average shares outstanding—Basic		22,441			22,371
Weighted average shares outstanding—Diluted		22,441			22,371
Earnings per common share—Basic	$	2.21		$	1.06
Earnings per common share—Diluted	$	2.21		$	1.06

	For the six months ended
	April 30, 2014			April 30, 2013
	(in thousands except per share amounts)
Net Income	$	79,859		$	17,428
Distributed and undistributed (earnings) to unvested restricted stock		(2,198	)	$	(501	)
Distributed and undistributed earnings to common shareholders—Basic	$	77,661		$	16,927
Weighted average shares outstanding—Basic		22,432			22,343
Weighted average shares outstanding—Diluted		22,432			22,343
Earnings per common share—Basic	$	3.46		$	0.76
Earnings per common share—Diluted	$	3.46		$	0.76