EARNINGS PER SHARE

9 Months Ended

Jul. 31, 2019

Earnings Per Share [Abstract]

EARNINGS PER SHARE

EARNINGS PER SHARE

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 tables present earnings per share:

	Three Months Ended
	July 31, 2019			July 31, 2018
	(in thousands except per share amounts)
Net income	$	53,362		$	11,475
Distributed and undistributed (earnings) to unvested restricted stock	(766		)	(163		)
Distributed and undistributed earnings to common shareholders—Basic	$	52,596		$	11,312
Weighted average shares outstanding—Basic	21,835			22,513
Weighted average shares outstanding—Diluted	21,835			22,513
Earnings per common share—Basic	$	2.41		$	0.50
Earnings per common share—Diluted	$	2.41		$	0.50
	Nine Months Ended
	July 31, 2019			July 31, 2018
	(in thousands except per share amounts)
Net income	$	76,165		$	104,629
Distributed and undistributed (earnings) to unvested restricted stock	(1,125		)	(1,493		)
Distributed and undistributed earnings to common shareholders—Basic	$	75,040		$	103,136
Weighted average shares outstanding—Basic	21,826			22,508
Weighted average shares outstanding—Diluted	21,826			22,508
Earnings per common share—Basic	$	3.44		$	4.58
Earnings per common share—Diluted	$	3.44		$	4.58