Three Months Ended

Nine Months Ended

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