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