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Earnings Per Share

6 Months Ended

Jul. 31, 2024

Earnings Per Share

Earnings Per Share

Note 15 - Earnings Per Share

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


		Three Months Ended				Six Months Ended
		July 31,		July 31,		July 31,		July 31,
		2024		2023		2024		2023

Net income for purposes of calculating basic and diluted earnings per share		34,681		28,116		69,348		57,469

Weighted average shares outstanding		85,430		85,083		85,353		85,017
Dilutive effect of employee stock options		556		483		557		515
Dilutive effect of restricted and performance share units		1,255		1,217		1,266		1,232
Weighted average common and common equivalent shares outstanding		87,241		86,783		87,176		86,764
Earnings per share
Basic		0.41		0.33		0.81		0.68
Diluted		0.40		0.32		0.80		0.66

For the three month periods ended July 31, 2024 and July 31, 2023, nil and 273,837 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. For the three month periods ended July 31, 2024 and July 31, 2023, the application of the treasury stock method excluded 360,030 and 9,828 stock options, respectively, from the calculation of diluted EPS as the assumed proceeds from the unrecognized stock-based compensation expense of such options that are attributed to future service periods made such options anti-dilutive.

For the six month periods ended July 31, 2024 and July 31, 2023, nil and 273,837 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. For the six month periods ended July 31, 2024 and July 31, 2023, the application of the treasury stock method excluded 510,795 and 9,828 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 three month periods ended July 31, 2024 and July 31, 2023, the application of the treasury stock method excluded PSUs and RSUs of 92,873 and 95,134, 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.

For the six month periods ended July 31, 2024 and July 31, 2023, the application of the treasury stock method excluded PSUs and RSUs of 92,873 and 95,134, 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.