Table:
|  |  | For the years ended |  |
| --- | --- | --- | --- |
|  | October 31, 2019 | October 31, 2018 | October 31, 2017 |
| Net income | $53,294 | $61,431 | $279,745 |
| Distributed and undistributed (earnings) to unvested restricted | (778) | (878) | (4,285) |
| Distributed and undistributed earnings to common shareholders -- Basic | 52,516 | 60,553 | 275,460 |
| Weighted average shares outstanding — Basic | 21,829 | 22,429 | 22,393 |
| Weighted average shares outstanding — Diluted | 21,829 | 22,429 | 22,393 |
| Earnings per common share — Basic | $2.41 | $2.70 | $12.30 |
| Earnings per common share — Diluted | $2.41 | $2.70 | $12.30 |
Paragraphs:
8. Earnings Per Share
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).
Question:
What is the percentage change in net income between fiscal years 2019 and 2018?
Answer: (53294-61431)/61431 = -13.25