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				Six Months Ended
	July 31,				July 31,
	2017		2016		2017		2016
Basic weighted-average common shares outstanding		113,500,381		117,133,169		114,865,336		117,218,013
Effect of dilutive options, stock appreciation rights, performance stock units and restricted stock units		260,266		249,963		261,641		266,118
Diluted weighted-average shares outstanding		113,760,647		117,383,132		115,126,977		117,484,131

For the three months ended July 31, 2017 and 2016, awards to purchase 481,075 common shares ranging in price from $28.10 to $46.02 and 1,097,875 common shares ranging in price from $28.10 to $46.02, respectively, were excluded from the calculation of diluted net income per common share because the impact would be anti-dilutive. For the six months ended July 31, 2017 and 2016, awards to purchase 1,045,275 common shares ranging in price from $25.60 to $46.02 and 1,007,938 common shares ranging in price from $28.10 to $46.02, respectively, were excluded from the calculation of diluted net income per common share because the impact would be anti-dilutive.

Excluded from the calculation of diluted net income per common share as of July 31, 2017 and 2016 were 2,773,059 and 3,886,315 performance-based equity awards, respectively, because they did not meet the required performance criteria.