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Note 13 - Per Share Calculation
 6 Months Ended
Apr. 30, 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

  

Six Months Ended

 
  

April 30,

  

April 30,

 

(In thousands, except per share data)

 

2023

  

2022

  

2023

  

2022

 
                 

Numerator:

                

Net income

 $34,146  $62,435  $52,862  $87,243 

Less: preferred stock dividends

  (2,669)  (2,669)  (5,338)  (5,338)

Less: undistributed earnings allocated to participating securities

  (2,599)  (5,426)  (3,983)  (7,621)

Numerator for basic earnings per share

 $28,878  $54,340  $43,541  $74,284 

Plus: undistributed earnings allocated to participating securities

  2,599   5,426   3,983   7,621 

Less: undistributed earnings reallocated to participating securities

  (2,600)  (5,427)  (3,987)  (7,625)

Numerator for diluted earnings per share

 $28,877  $54,339  $43,537  $74,280 

Denominator:

                

Denominator for basic earnings per share – weighted average shares outstanding

  6,166   6,396   6,176   6,392 

Effect of dilutive securities:

                

Stock-based payments

  296   81   287   100 

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

  6,462   6,477   6,463   6,492 

Basic earnings per share

 $4.68  $8.50  $7.05  $11.62 

Diluted earnings per share

 $4.47  $8.39  $6.74  $11.44 

 

In addition, 26 thousand and 53 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 the three months ended April 30, 2023 and 2022, respectively, and 67 thousand and 24 thousand for the six months ended April 30, 2023 and 2022, respectively, because to do so would have been anti-dilutive for each period.