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Note 13 - Per Share Calculation | 9 Months Ended
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Jul. 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 |  |  | Nine Months Ended |
|  | July 31, |  |  | July 31, |
(In thousands, except per share data) |  | 2024 |  |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 72,919 |  |  | $ | 55,764 |  |  | $ | 147,659 |  |  | $ | 108,626 |
Less: preferred stock dividends |  |  | (2,669 | ) |  |  | (2,669 | ) |  |  | (8,007 | ) |  |  | (8,007 | )
Less: undistributed earnings allocated to participating securities |  |  | (1,548 | ) |  |  | (3,578 | ) |  |  | (4,660 | ) |  |  | (7,780 | )
Numerator for basic earnings per share |  | $ | 68,702 |  |  | $ | 49,517 |  |  | $ | 134,992 |  |  | $ | 92,839 |
Plus: undistributed earnings allocated to participating securities |  |  | 1,548 |  |  |  | 3,578 |  |  |  | 4,660 |  |  |  | 7,780 |
Less: undistributed earnings reallocated to participating securities |  |  | (1,556 | ) |  |  | (3,582 | ) |  |  | (4,698 | ) |  |  | (7,801 | )
Numerator for diluted earnings per share |  | $ | 68,694 |  |  | $ | 49,513 |  |  | $ | 134,954 |  |  | $ | 92,818 |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Denominator for basic earnings per share – weighted average shares outstanding |  |  | 6,474 |  |  |  | 6,249 |  |  |  | 6,476 |  |  |  | 6,201 |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stock-based payments |  |  | 574 |  |  |  | 456 |  |  |  | 572 |  |  |  | 441 |
Denominator for diluted earnings per share – weighted-average shares outstanding |  |  | 7,048 |  |  |  | 6,705 |  |  |  | 7,048 |  |  |  | 6,642 |
Basic earnings per share |  | $ | 10.61 |  |  | $ | 7.92 |  |  | $ | 20.85 |  |  | $ | 14.97 |
Diluted earnings per share |  | $ | 9.75 |  |  | $ | 7.38 |  |  | $ | 19.15 |  |  | $ | 13.97 |
In addition, 6 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 both the three and nine months ended July 31, 2023, because to do so would have been anti-dilutive for the period. There were no shares related to out-of-the-money stock options for the three and nine months ended July 31, 2024.

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