Net Income per Common Share

6 Months Ended

Jul. 31, 2015

9. Net Income per Common Share

The following is a reconciliation of the weighted-average common shares outstanding used for the computation of basic and diluted net income per common share:


	Three Months Ended July 31,				Six Months Ended July 31,
	2015		2014		2015		2014
Basic weighted-average common shares outstanding		127,910,026		136,453,663		129,529,108		140,201,489
Effect of dilutive options, stock appreciation rights, performance stock units and restricted stock units		1,170,568		1,723,447		1,401,985		1,777,162

Diluted weighted-average shares outstanding		129,080,594		138,177,110		130,931,093		141,978,651

For the three months ended July 31, 2015 and 2014, awards to purchase 559,875 common shares with an exercise price range of $36.07 to $46.02 and 1,183,390 common shares with an exercise price range of $35.12 to $46.02 were excluded from the Company’s computation of diluted weighted-average shares outstanding because their effect would have been anti-dilutive. For the six months ended July 31, 2015 and 2014, awards to purchase 329,938 common shares with an exercise price range of $36.07 to $46.02 and 1,065,670 common shares with an exercise price range of $35.12 to $46.02 were excluded from the Company’s computation of diluted weighted-average shares outstanding because their effect would have been anti-dilutive.

Excluded from the calculation of diluted net income per common share as of July 31, 2015 and 2014 were 2,047,250 and 1,744,034 performance-based equity awards, respectively, since they did not meet the required performance criteria.