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Note 13 - Per Share Calculation
 3 Months Ended
Jan. 31, 2023
Notes to Financial Statements  
Earnings Per Share [Text Block]

13.

Per Share Calculation

  

Basic and diluted earnings per share for the periods presented below were calculated as follows:

 

  

Three Months Ended

 
  

January 31,

 

(In thousands, except per share data)

 

2023

  

2022

 
         

Numerator:

        

Net income

 $18,716  $24,808 

Less: preferred stock dividends

  (2,669)  (2,669)

Less: undistributed earnings allocated to participating securities

  (1,403)  (2,189)

Numerator for basic earnings per share

 $14,644  $19,950 

Plus: undistributed earnings allocated to participating securities

  1,403   2,189 

Less: undistributed earnings reallocated to participating securities

  (1,403)  (2,189)

Numerator for diluted earnings per share

 $14,644  $19,950 

Denominator:

        

Denominator for basic earnings per share – weighted average shares outstanding

  6,186   6,389 

Effect of dilutive securities:

        

Stock-based payments

  282   112 

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

  6,468   6,501 

Basic earnings per share

 $2.37  $3.12 

Diluted earnings per share

 $2.26  $3.07 

 

In addition, 80 thousand and 24 thousand shares related to out-of-the money stock options, which could potentially dilute basic earnings per share in the future, were not included in the computation of diluted earnings per share for both the three months ended January 31, 2023 and 2022, respectively, because to do so would have been anti-dilutive for each period.