EARNINGS PER SHARE

9 Months Ended

Jul. 31, 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
	July 31, 2020		July 31, 2019
	(in thousands except per share amounts)
Net income	$	32,810	$	53,362
Distributed and undistributed (earnings) to unvested restricted stock	(432)		(766)
Distributed and undistributed earnings to common shareholders—Basic	$	32,378	$	52,596
Weighted average shares outstanding—Basic	21,946		21,835
Weighted average shares outstanding—Diluted	21,946		21,835
Earnings per common share—Basic	$	1.48	$	2.41
Earnings per common share—Diluted	$	1.48	$	2.41


	Nine Months Ended
	July 31, 2020		July 31, 2019
	(in thousands except per share amounts)
Net income	$	352	$	76,165
Distributed and undistributed (earnings) to unvested restricted stock	(4)		(1,125)
Distributed and undistributed earnings to common shareholders—Basic	$	348	$	75,040
Weighted average shares outstanding—Basic	21,942		21,826
Weighted average shares outstanding—Diluted	21,942		21,826
Earnings per common share—Basic	$	0.02	$	3.44
Earnings per common share—Diluted	$	0.02	$	3.44