EARNINGS PER SHARE

6 Months Ended

Apr. 30, 2020

Certain share-based payment awards described in Note 5 - 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, 2020		April 30, 2019
	(in thousands except per share amounts)
Net income	$	6,118	$	40,636
Distributed and undistributed (earnings) to unvested restricted stock	(81)		(597)
Distributed and undistributed earnings to common shareholders—Basic	$	6,037	$	40,039
Weighted average shares outstanding—Basic	21,943		21,830
Weighted average shares outstanding—Diluted	21,943		21,830
Earnings per common share—Basic	$	0.28	$	1.83
Earnings per common share—Diluted	$	0.28	$	1.83


	Six Months Ended
	April 30, 2020		April 30, 2019
	(in thousands except per share amounts)
Net income (loss)	$	(32,458)	$	22,803
Distributed and undistributed (earnings) to unvested restricted stock	—		(340)
Distributed and undistributed earnings (loss) to common shareholders—Basic	$	(32,458)	$	22,463
Weighted average shares outstanding—Basic	21,939		21,822
Weighted average shares outstanding—Diluted	21,939		21,822
Earnings (loss) per common share—Basic	$	(1.48)	$	1.03
Earnings (loss) per common share—Diluted	$	(1.48)	$	1.03