Year Ended October 31,

(In thousands, except per share data)

2023

2022

2021

Numerator:

Net income

$

205,891

$

225,490

$

607,817

Less: preferred stock dividends

(10,675

)

(10,675

)

-

Less: undistributed earnings allocated to participating securities

(16,027

)

(19,702

)

(57,676

)

Numerator for basic earnings per share

$

179,189

$

195,113

$

550,141

Plus: undistributed earnings allocated to participating securities

16,027

19,702

57,676

Less: undistributed earnings reallocated to participating securities

(16,058

)

(19,717

)

(58,687

)

Numerator for diluted earnings per share

$

179,158

$

195,098

$

549,130

Denominator:

Denominator for basic earnings per share – weighted average shares outstanding

6,230

6,437

6,287

Effect of dilutive securities:

Stock-based payments

436

291

108

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

6,666

6,728

6,395

Basic earnings per share

$

28.76

$

30.31

$

87.50

Diluted earnings per share

$

26.88

$

29.00

$

85.86