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				Six Months Ended
	July 31,				July 31,
	2018		2017		2018		2017
Basic weighted-average common shares outstanding		108,831,399		113,500,381		108,663,990		114,865,336
Effect of dilutive options, stock appreciation rights, performance stock units and restricted stock units		1,602,441		260,266		1,427,596		261,641
Diluted weighted-average shares outstanding		110,433,840		113,760,647		110,091,586		115,126,977

For the three months ended July 31, 2018 and 2017, awards to purchase 240,000 common shares ranging in price from $46.02 to $46.42 and 481,075 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, 2018 and 2017, awards to purchase 253,750 common shares ranging in price from $37.02 to $46.42 and 1,045,275 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 July 31, 2018 and 2017 were 1,451,382 and 2,773,059 performance-based equity awards, respectively, because they did not meet the required performance criteria.