Net Income per Common Share

3 Months Ended

Apr. 30, 2018

11. 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,
	2018		2017
Basic weighted-average common shares outstanding		108,490,926		116,276,289
Effect of dilutive options, stock appreciation rights, performance stock units and restricted stock units		1,252,751		263,016
Diluted weighted-average shares outstanding		109,743,677		116,539,305

For the three months ended April 30, 2018 and 2017, awards to purchase 267,500 common shares ranging in price from $37.02 to $46.02 and 1,128,400 common shares ranging in price from $25.60 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 April 30, 2018 and 2017 were 1,713,773 and 2,941,727 performance-based equity awards, respectively, because they did not meet the required performance criteria.