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Note 13 - Per Share Calculation
 9 Months Ended
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.