Net Income per Common Share

9 Months Ended

Oct. 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 October 31,				Nine Months Ended October 31,
	2016		2015		2016		2015
Basic weighted-average common shares outstanding		116,829,912		123,442,931		117,087,696		127,478,092
Effect of dilutive options, stock appreciation rights, performance stock units and restricted stock units		563,798		282,650		365,309		1,028,863

Diluted weighted-average shares outstanding		117,393,710		123,725,581		117,453,005		128,506,955

For the three months ended October 31, 2016 and 2015, awards to purchase 556,375 common shares with an exercise price range of $35.41 to $46.02 and 999,916 common shares with an exercise price range of $30.50 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 nine months ended October 31, 2016 and 2015, awards to purchase 857,331 common shares with an exercise price range of $28.10 to $46.02 and 553,208 common shares with an exercise price range of $30.50 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 October 31, 2016 and 2015 were 2,442,345 and 3,702,743 performance-based equity awards, respectively, since they did not meet the required performance criteria.