Earnings Per Share

9 Months Ended

Jul. 31, 2019

Note 10. Earnings Per Share

Basic earnings per common share (“EPS”) is computed by dividing net (loss) income by the weighted average number of common shares outstanding. Diluted EPS is computed by dividing net (loss) income by the weighted-average number of common shares outstanding assuming dilution. The difference between basic EPS and diluted EPS is the result of the dilutive effect of outstanding stock options, performance stock units and restricted stock units. The table below reconciles basic weighted-average common shares outstanding to diluted weighted-average shares outstanding for the three and nine months ended July 31, 2019 and July 31, 2018:

	Three Months Ended July 31,				Nine Months Ended July 31,
	2019		2018		2019		2018
Basic weighted-average common shares outstanding		62,641,436		63,993,398		62,875,677		64,258,655
Dilutive stock options		273,717		854,163		—		1,571,864
Dilutive restricted stock units		509,452		—		—		2,163
Dilutive performance stock units		—		—		—		—
Diluted weighted-average common shares outstanding		63,424,605		64,847,561		62,875,677		65,832,682

The table below represents exclusions from the calculation of weighted-average shares outstanding assuming dilution due to the anti-dilutive effect of the common stock equivalents for the three and nine months ended July 31, 2019 and July 31, 2018:

	Three Months Ended July 31,				Nine Months Ended July 31,
	2019		2018		2019		2018
Anti-dilutive stock options		48,951		40,951		988,551		97,085
Anti-dilutive restricted stock units		422,169		528,515		1,773,255		541,584
Anti-dilutive performance stock units		18,408		91,509		18,408		91,509
Anti-dilutive common stock equivalents		489,528		660,975		2,780,214		730,178