Net Income per Common Share

6 Months Ended

Jul. 31, 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 July 31,				Six Months Ended July 31,
	2016		2015		2016		2015
Basic weighted-average common shares outstanding		117,133,169		127,910,026		117,218,013		129,529,108
Effect of dilutive options, stock appreciation rights, performance stock units and restricted stock units		249,963		1,170,568		266,118		1,401,985

Diluted weighted-average shares outstanding		117,383,132		129,080,594		117,484,131		130,931,093

For the three months ended July 31, 2016 and 2015, awards to purchase 1,097,875 common shares with an exercise price range of $28.10 to $46.02 and 559,875 common shares with an exercise price of $36.07 to $46.02, respectively, 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, 2016 and 2015, awards to purchase 1,007,938 common shares with an exercise price range of $28.10 to $46.02 and 329,938 common shares with an exercise price of $36.07 to $46.02, respectively, 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, 2016 and 2015 were 3,886,315 and 2,047,250 performance-based equity awards, respectively, since they did not meet the required performance criteria.