Note

- Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share (“EPS”) (number of shares in thousands):

Year Ended	January 31, 2018	January 31, 2017	January 31, 2016

Net income for purposes of calculating basic and diluted earnings per share	26,879	23,838	20,562
Weighted average shares outstanding	76,324	75,800	75,595
Dilutive effect of employee stock options	167	230	452
Dilutive effect of restricted and performance share units	621	485	362
Weighted average common and common equivalent shares outstanding	77,112	76,515	76,409
Earnings per share
Basic	0.35	0.31	0.27
Diluted	0.35	0.31	0.27

For the years ended

January 31, 2018,

2017

and

2016,

the application of the treasury stock method excluded

270,525,

145,932

and

nil

stock options, respectively, from the calculation of diluted EPS as the assumed proceeds from the unrecognized stock-based compensation expense of such stock options that are attributed to future service periods made such stock options anti-dilutive.

For the years ended

January 31, 2018,

2017

and

2016,

2,475,

25,000

and

nil

stock options, respectively, were excluded from the calculation of diluted EPS as those options had an exercise price greater than or equal to the average market value of our common shares during the applicable periods and their inclusion would have been anti-dilutive.