Net Income per Common Share

3 Months Ended

Apr. 30, 2016

10. 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 April 30,
	2016		2015
Basic weighted-average common shares outstanding		117,304,736		131,202,740
Effect of dilutive options, stock appreciation rights, performance stock units and restricted stock units		282,273		1,633,404

Diluted weighted-average shares outstanding		117,587,009		132,836,144

For the three months ended April 30, 2016 and 2015, awards to purchase 918,000 common shares with an exercise price range of $29.92 to $46.02 and 100,000 common shares with an exercise price of $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 April 30, 2016 and 2015 were 4,034,213 and 1,939,500 performance-based equity awards, respectively, since they did not meet the required performance criteria.