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Note 13 - Per Share Calculation
 3 Months Ended
Jan. 31, 2024
Per Share Calculation  
Per Share Calculation

13.

Per Share Calculation

  

Basic and diluted earnings per share for the periods presented below were calculated as follows:


   

Three Months Ended

  
   

January 31,

  

(In thousands, except per share data)

 

2024

    

2023

  

Numerator:

                

Net income

   $ 23,904     $ 18,716  

Less: preferred stock dividends

     (2,669 )     (2,669 )

Less: undistributed earnings allocated to participating securities

     (1,025 )     (1,403 )

Numerator for basic earnings per share

   $ 20,210     $ 14,644  

Plus: undistributed earnings allocated to participating securities

     1,025       1,403  

Less: undistributed earnings reallocated to participating securities

     (1,025 )     (1,403 )

Numerator for diluted earnings per share

   $ 20,210     $ 14,644  

Denominator:

                

Denominator for basic earnings per share – weighted average shares outstanding

     6,496       6,186  

Effect of dilutive securities:

                

Stock-based payments

     441       282  

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

     6,937       6,468  

Basic earnings per share

   $ 3.11     $ 2.37  

Diluted earnings per share

   $ 2.91     $ 2.26  

 

In addition, 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 January 31, 2023, because to do so would have been anti-dilutive for the period.