NET INCOME PER COMMON SHARE
Basic and Diluted Net Income Per Common Share Calculations
Years Ended October 31,
(in millions, except per share amounts)202520242023
Net income$162.4 $81.4 $251.3 
Weighted-average common and common equivalent
    shares outstanding — Basic
62.3 63.2 66.0 
Effect of dilutive securities
RSUs0.3 0.3 0.2 
Performance shares0.1 0.1 0.2 
Weighted-average common and common equivalent
    shares outstanding — Diluted
62.7 63.6 66.3 
Net income per common share
Basic$2.61 $1.29 $3.81 
Diluted$2.59 $1.28 $3.79 
Anti-Dilutive Outstanding Stock Awards Issued Under Share-Based Compensation Plans
Years Ended October 31,
(in millions)202520242023
Anti-dilutive0.2 0.1 0.3 
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About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.