Year Ended October 31,

(In thousands, except per share data)

2022

2021

2020

Numerator:

Net income

$

225,490

$

607,817

$

50,928

Less: preferred stock dividends

(10,675

)

-

Less: undistributed earnings allocated to participating securities

(19,702

)

(57,676

)

(4,652

)

Numerator for basic earnings per share

$

195,113

$

550,141

$

46,276

Plus: undistributed earnings allocated to participating securities

19,702

57,676

4,652

Less: undistributed earnings reallocated to participating securities

(19,717

)

(58,687

)

(4,652

)

Numerator for diluted earnings per share

$

195,098

$

549,130

$

46,276

Denominator:

Denominator for basic earnings per share – weighted average shares outstanding

6,437

6,287

6,189

Effect of dilutive securities:

Stock-based payments

291

108

395

Denominator for diluted earnings per share – weighted-average shares outstanding

6,728

6,395

6,584

Basic earnings per share

$

30.31

$

87.50

$

7.48

Diluted earnings per share

$

29.00

$

85.86

$

7.03