Earnings Per Share

12 Months Ended

Oct. 31, 2020

17. Earnings Per Share

We compute basic earnings (loss) per share by dividing net income (loss) by the weighted average number of common shares outstanding during the period. Diluted earnings per common and potential common shares include the weighted average of additional shares associated with the incremental effect of dilutive employee stock options, non-vested restricted stock as determined using the treasury stock method prescribed by U.S. GAAP and contingent shares associated with performance share awards, if dilutive.

The computation of basic and diluted earnings per share for the years ended October 31, 2020, 2019 and 2018 follows (in thousands, except per share data):


Year Ended October 31, 2020	Net Income (Loss)		Weighted Average Shares	Per Share
Basic earnings per common share	$	38,496	32,689	$	1.18
Effect of dilutive securities:
Stock options			10
Restricted stock			90
Performance restricted stock units			32
Diluted loss per common share	$	38,496	32,821	$	1.17
Year Ended October 31, 2019
Basic loss per common share	$	(46,730)	32,960	$	(1.42)




Diluted loss per common share	$	(46,730)	32,960	$	(1.42)
Effect of anti-dilutive securities: (1)
Stock options			40
Restricted stock			113
Performance share awards			28
Year Ended October 31, 2018
Basic earnings per common share	$	26,553	34,701	$	0.77
Effect of dilutive securities:
Stock options			198
Restricted stock			126

Diluted earnings per common share	$	26,553	35,025	$	0.76

(1) The computation of diluted earnings per share excludes outstanding stock options and other common stock equivalents when their inclusion would be anti-dilutive.

For the years ended October 31, 2020, 2019 and 2018, we had 1,032,201, 1,267,141, and 1,000,356 securities, respectively, that were potentially dilutive in future earnings per share calculations. Such dilution will be dependent on the excess of the market price of our stock over the exercise price and other components of the treasury stock method.