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Earnings Per Share
 12 Months Ended
Jan. 31, 2022
Notes to Financial Statements  
Earnings Per Share

Note 16 – Earnings Per Share

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

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Year Ended

    

January 31, 

    

January 31, 

    

January 31, 

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2022

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2021

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2020

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Net income for purposes of calculating basic and diluted earnings per share

 

86,282

 

52,100

 

36,997

Weighted average shares outstanding

 

84,591

 

84,360

 

81,659

Dilutive effect of employee stock options

 

482

 

358

 

318

Dilutive effect of restricted and performance share units

 

1,127

 

1,038

 

890

Weighted average common and common equivalent shares outstanding

 

86,200

 

85,756

 

82,867

Earnings per share

 

  

 

  

 

  

Basic

 

1.02

 

0.62

 

0.45

Diluted

 

1.00

 

0.61

 

0.45

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For the years ended January 31, 2022, 2021 and 2020, the application of the treasury stock method excluded 267,236, 1,750 and 350,464 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, 2022, 2021 and 2020, 1,000, 71,161 and 5,909 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.

Additionally, for the years ended January 31, 2022, 2021 and 2020, the application of the treasury stock method excluded PSUs and RSUs of nil, 43,002 and nil, respectively, from the calculation of diluted EPS as the unrecognized stock-based compensation expense of such PSUs and RSUs that are attributed to future service periods made such PSUs and RSUs anti-dilutive.