EARNINGS PER SHARE

6 Months Ended

Apr. 30, 2019

Certain share-based payment awards described in Note 4 - 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
	April 30, 2019			April 30, 2018
	(in thousands except per share amounts)
Net income	$	40,636		$	41,948
Distributed and undistributed (earnings) to unvested restricted stock	(597		)	(598		)
Distributed and undistributed earnings to common shareholders—Basic	$	40,039		$	41,350
Weighted average shares outstanding—Basic	21,830			22,511
Weighted average shares outstanding—Diluted	21,830			22,511
Earnings per common share—Basic	$	1.83		$	1.84
Earnings per common share—Diluted	$	1.83		$	1.84


	Six Months Ended
	April 30, 2019			April 30, 2018
	(in thousands except per share amounts)
Net income	$	22,803		$	93,154
Distributed and undistributed (earnings) to unvested restricted stock	(340		)	(1,329		)
Distributed and undistributed earnings to common shareholders—Basic	$	22,463		$	91,825
Weighted average shares outstanding—Basic	21,822			22,506
Weighted average shares outstanding—Diluted	21,822			22,506
Earnings per common share—Basic	$	1.03		$	4.08
Earnings per common share—Diluted	$	1.03		$	4.08