Year Ended October 31,

(In thousands, except per share data)

2025

2024

2023

Numerator:

Net income

$

63,865

$

242,008

$

205,891

Less: preferred stock dividends

(10,675

)

(10,675

)

(10,675

)

Less: undistributed earnings allocated to participating securities

(1,944

)

(8,454

)

(16,027

)

Numerator for basic earnings per share

$

51,246

$

222,879

$

179,189

Plus: undistributed earnings allocated to participating securities

1,944

8,454

16,027

Less: undistributed earnings reallocated to participating securities

(1,949

)

(8,605

)

(16,058

)

Numerator for diluted earnings per share

$

51,241

$

222,728

$

179,158

Denominator:

Denominator for basic earnings per share – weighted average shares outstanding

6,449

6,479

6,230

Effect of dilutive securities:

Stock-based payments

443

528

436

Denominator for diluted earnings per share – weighted-average shares outstanding

6,892

7,007

6,666

Basic earnings per share

$

7.95

$

34.40

$

28.76

Diluted earnings per share

$

7.43

$

31.79

$

26.88