EARNINGS PER SHARE

3 Months Ended

Jan. 31, 2018

Certain share-based payment awards described in Note 3 - Stock Compensation Plans above entitling holders to receive non-forfeitable dividends before vesting are considered participating securities and thus are included in the calculation of basic earnings per share, to the extent they are dilutive. These awards are included in the calculation of basic earnings per share under the two-class method. The two-class method allocates earnings for the period between common shareholders and other security holders. The participating awards receiving dividends are allocated the same amount of income as if they were vested shares.

The following table presents earnings per share.



	Three months ended
	January 31, 2018			January 31, 2017
	(in thousands except per share amounts)
Net Income	$	51,206		$	24,025
Distributed and undistributed (earnings) to unvested restricted stock	(732		)	(368		)
Distributed and undistributed earnings to common shareholders—Basic	$	50,474		$	23,657
Weighted average shares outstanding—Basic	22,501			22,379
Weighted average shares outstanding—Diluted	22,501			22,379
Earnings per common share—Basic	$	2.24		$	1.06
Earnings per common share—Diluted	$	2.24		$	1.06