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Note 13 - Per Share Calculation | 9 Months Ended
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Jul. 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 |  |  | Nine Months Ended |
|  | July 31, |  |  | July 31, |
(In thousands, except per share data) |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 55,764 |  |  | $ | 82,614 |  |  | $ | 108,626 |  |  | $ | 169,857 |
Less: preferred stock dividends |  |  | (2,669 | ) |  |  | (2,669 | ) |  |  | (8,007 | ) |  |  | (8,007 | )
Less: undistributed earnings allocated to participating securities |  |  | (3,578 | ) |  |  | (9,139 | ) |  |  | (7,780 | ) |  |  | (20,201 | )
Numerator for basic earnings per share |  | $ | 49,517 |  |  | $ | 70,806 |  |  | $ | 92,839 |  |  | $ | 141,649 |
Plus: undistributed earnings allocated to participating securities |  |  | 3,578 |  |  |  | 9,139 |  |  |  | 7,780 |  |  |  | 20,202 |
Less: undistributed earnings reallocated to participating securities |  |  | (3,582 | ) |  |  | (9,141 | ) |  |  | (7,801 | ) |  |  | (20,214 | )
Numerator for diluted earnings per share |  | $ | 49,513 |  |  | $ | 70,804 |  |  | $ | 92,818 |  |  | $ | 141,637 |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Denominator for basic earnings per share – weighted average shares outstanding |  |  | 6,249 |  |  |  | 6,485 |  |  |  | 6,201 |  |  |  | 6,424 |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stock-based payments |  |  | 456 |  |  |  | 59 |  |  |  | 441 |  |  |  | 83 |
Denominator for diluted earnings per share – weighted-average shares outstanding |  |  | 6,705 |  |  |  | 6,544 |  |  |  | 6,642 |  |  |  | 6,507 |
Basic earnings per share |  | $ | 7.92 |  |  | $ | 10.92 |  |  | $ | 14.97 |  |  | $ | 22.05 |
Diluted earnings per share |  | $ | 7.38 |  |  | $ | 10.82 |  |  | $ | 13.97 |  |  | $ | 21.77 |
In addition, 6 thousand and 80 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 July 31, 2023 and 2022, respectively, and 6 thousand and 24 thousand were not included for the nine months ended July 31, 2023 and 2022, respectively, because to do so would have been anti-dilutive for each period.

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