Earnings Per Share

6 Months Ended

Apr. 30, 2022

Earnings Per ShareWe compute basic earnings per share by dividing net income 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.

Basic and diluted earnings per share for the three and six months ended April 30, 2022 and 2021 were calculated as follows (in thousands, except per share data):


	Net Income		Weighted Average Shares	Per Share
Three Months Ended April 30, 2022
Basic earnings per common share	$	26,522	33,157	$	0.80
Effect of dilutive securities:
Stock options	—		24	—
Restricted stock awards	—		82	—

Performance restricted stock units	—		28	—
Diluted earnings per common share	$	26,522	33,291	$	0.80
Three Months Ended April 30, 2021
Basic earnings per common share	$	14,551	33,355	$	0.44
Effect of dilutive securities:
Stock options	—		78	—
Restricted stock awards	—		112	—

Performance restricted stock units	—		92	—
Diluted earnings per common share	$	14,551	33,637	$	0.43
Six Months Ended April 30, 2022
Basic earnings per common share	$	37,761	33,140	$	1.14
Effect of dilutive securities:
Stock options	—		29	—
Restricted stock awards	—		95	—

Performance restricted stock units	—		28	—
Diluted earnings per common share	$	37,761	33,292	$	1.13
Six Months Ended April 30, 2021
Basic earnings per common share	$	22,403	33,110	$	0.68
Effect of dilutive securities:
Stock options	—		135	—
Restricted stock awards	—		108	—

Performance restricted stock units	—		91	—
Diluted earnings per common share	$	22,403	33,444	$	0.67

We do not include equity instruments in our calculation of diluted earnings per share if those instruments would be anti-dilutive. Such dilution is dependent on the excess of the market price of our stock over the exercise price and other components of the treasury stock method. There were no anti-dilutive instruments for the three and six months ended April 30, 2022 and 2021.