EARNINGS PER SHARE

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 tables present earnings per share.



	Three months ended
	April 30, 2018			April 30, 2017
	(in thousands except per share amounts)
Net income	$	41,948		$	67,015
Distributed and undistributed (earnings) to unvested restricted stock	(598		)	(1,016		)
Distributed and undistributed earnings to common shareholders—Basic	$	41,350		$	65,999
Weighted average shares outstanding—Basic	22,511			22,396
Weighted average shares outstanding—Diluted	22,511			22,396
Earnings per common share—Basic	$	1.84		$	2.95
Earnings per common share—Diluted	$	1.84		$	2.95



	Six months ended
	April 30, 2018			April 30, 2017
	(in thousands except per share amounts)
Net income	$	93,154		$	91,040
Distributed and undistributed (earnings) to unvested restricted stock	(1,329		)	(1,414		)
Distributed and undistributed earnings to common shareholders—Basic	$	91,825		$	89,626
Weighted average shares outstanding—Basic	22,506			22,387
Weighted average shares outstanding—Diluted	22,506			22,387
Earnings per common share—Basic	$	4.08		$	4.00
Earnings per common share—Diluted	$	4.08		$	4.00