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Basic and Diluted Net (Loss) Income Per Share

6 Months Ended

Apr. 30, 2023

Earnings Per Share [Abstract]

Basic and Diluted Net (Loss) Income Per Share

Basic and Diluted Net (Loss) Income Per Share

Basic net (loss) income per common share is calculated using the weighted-average number of common shares outstanding during the period without consideration of the dilutive effect of conversion of preferred stock. Diluted net (loss) income per common share is calculated using the weighted-average number of common shares outstanding during the period plus the dilutive effect of unvested, restricted stock and conversion of preferred stock. The computations for basic and diluted net (loss) income per common share are as follows (in thousands, except per share amounts):

			Three Months Ended April 30,												Six Months Ended April 30,
			2023						2022						2023						2022
Basic net (loss) income per common share:
Net (loss) income applicable to common stock			$	(1,739)					$	1,435					$	13,767					$	(5,208)
Effect of unvested, restricted stock			(23)						(15)						(188)						(29)
Numerator: Net (loss) income for basic EPS			(1,762)						1,420						13,579						(5,237)
Denominator: Weighted average common shares-basic			17,597						17,511						17,587						17,461
Basic net (loss) income per common share			$	(0.10)					$	0.08					$	0.77					$	(0.30)
Diluted net (loss) income per common share:
Net (loss) income for basic EPS			$	(1,762)					$	1,420					$	13,579					$	(5,237)
Effect of dilutive preferred stock			—						—						251						—
Numerator: Net (loss) income for diluted EPS			(1,762)						1,420						13,830						(5,237)
Weighted average common shares–basic			17,597						17,511						17,587						17,461
Effect of dilutive preferred stock			—						—						741						—
Denominator: Weighted average common shares–diluted			17,597						17,511						18,328						17,461
Diluted net (loss) income per common share			$	(0.10)					$	0.08					$	0.75					$	(0.30)

Diluted net (loss) income per common share is computed using the more dilutive method of either the two-class method or the treasury stock method. Unvested stock-based compensation awards that contain non-forfeitable rights to dividends as participating shares are included in computing earnings per share. The Company’s unvested, restricted stock awards qualify as participating shares. Diluted net (loss) income per common share was calculated under the two-class method for the three and six months ended April 30, 2023 and 2022

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- Definition

The entire disclosure for earnings per share.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=109243012&loc=SL65017193-207537

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-URI https://asc.fasb.org/topic&trid=2144383

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3630-109257

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