Earnings Per Share

9 Months Ended

Jul. 31, 2020

Note 12. 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, 2020 and July 31, 2019:

	Three Months Ended July 31,				Nine Months Ended July 31,
	2020		2019		2020		2019
Basic weighted-average common shares outstanding		63,134,486		62,641,436		63,011,955		62,875,677
Dilutive stock options		—		273,717		—		—
Dilutive restricted stock units		—		509,452		—		—
Dilutive performance stock units		—		—		—		—
Diluted weighted-average common shares outstanding		63,134,486		63,424,605		63,011,955		62,875,677

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, 2020 and July 31, 2019:

	Three Months Ended July 31,				Nine Months Ended July 31,
	2020		2019		2020		2019
Anti-dilutive stock options		627,600		48,951		779,600		988,551
Anti-dilutive restricted stock units		2,865,583		422,169		3,546,206		1,773,255
Anti-dilutive performance stock units		—		18,408		—		18,408
Anti-dilutive common stock equivalents		3,493,183		489,528		4,325,806		2,780,214