Earnings Per Share

12 Months Ended

Oct. 31, 2020

Certain share-based payment awards entitling holders to receive non-forfeitable dividends before vesting are considered participating securities and thus 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 outstanding shares.

The following table presents earnings per share (in thousands).


	For the years ended
	October 31, 2020		October 31, 2019		October 31, 2018
Net income	$	28,274	$	53,294	$	61,431
Distributed and undistributed (earnings) to unvested restricted stock	(372)		(778)		(878)
Distributed and undistributed earnings to common shareholders — Basic	27,902		52,516		60,553
Weighted average shares outstanding — Basic	21,943		21,829		22,429
Weighted average shares outstanding — Diluted	21,943		21,829		22,429
Earnings per common share — Basic	$	1.27	$	2.41	$	2.70
Earnings per common share — Diluted	$	1.27	$	2.41	$	2.70