Year Ended October 31,

(In thousands, except per share data)

2024

2023

2022

Numerator:

Net income

$

242,008

$

205,891

$

225,490

Less: preferred stock dividends

(10,675

)

(10,675

)

(10,675

)

Less: undistributed earnings allocated to participating securities

(8,454

)

(16,027

)

(19,702

)

Numerator for basic earnings per share

$

222,879

$

179,189

$

195,113

Plus: undistributed earnings allocated to participating securities

8,454

16,027

19,702

Less: undistributed earnings reallocated to participating securities

(8,605

)

(16,058

)

(19,717

)

Numerator for diluted earnings per share

$

222,728

$

179,158

$

195,098

Denominator:

Denominator for basic earnings per share – weighted average shares outstanding

6,479

6,230

6,437

Effect of dilutive securities:

Stock-based payments

528

436

291

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

7,007

6,666

6,728

Basic earnings per share

$

34.40

$

28.76

$

30.31

Diluted earnings per share

$

31.79

$

26.88

$

29.00