Basic net income or loss per common share is calculated using the weighted-average number of common shares outstanding during the period without consideration of the dilutive effect of conversion of preferred stock. Diluted net income or loss per common share is calculated using the weighted-average number of common shares outstanding during the period plus the dilutive effect of unvested, restricted stock and conversion of preferred stock. The computations for basic and diluted net income or loss per common share are as follows (in thousands, except per share data):


	Three Months Ended April 30,				Six Months Ended April 30,
	2026		2025		2026		2025
Basic net loss per common share:
Net loss applicable to common stock	$	(21,420)	$	(3,487)	$	(30,972)	$	(6,686)
Effect of unvested, restricted stock and preferred dividends	(125)		(17)		(139)		(37)
Numerator: Net loss for basic EPS	(21,545)		(3,504)		(31,111)		(6,723)
Denominator: Weighted average common shares–basic	17,925		17,825		17,917		17,808
Basic net loss per common share	$	(1.20)	$	(0.20)	$	(1.74)	$	(0.38)

Diluted net loss per common share:
Net loss for basic EPS	$	(21,545)	$	(3,504)	$	(31,111)	$	(6,723)
Effect of dilutive preferred stock	—		—		—		—
Numerator: Net loss for diluted EPS	(21,545)		(3,504)		(31,111)		(6,723)
Weighted average common shares–basic	17,925		17,825		17,917		17,808
Effect of dilutive preferred stock	—		—		—		—
Denominator: Weighted average common shares–diluted	17,925		17,825		17,917		17,808
Diluted net loss per common share	$	(1.20)	$	(0.20)	$	(1.74)	$	(0.38)

Diluted net income or loss per common share is computed using the more dilutive method of either the two-class method or the treasury stock method. Unvested stock-based compensation awards that contain non-forfeitable rights to dividends as participating shares are included in computing earnings per share. The Company’s unvested, restricted stock awards qualify as participating shares. Diluted net loss per common share was calculated under the two-class method for the three and six months ended April 30, 2026 and 2025.