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