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Net Income per Common Share

9 Months Ended

Oct. 31, 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				Nine Months Ended
	October 31,				October 31,
	2018		2017		2018		2017
Basic weighted-average common shares outstanding		108,778,483		109,667,224		108,702,575		113,113,597
Effect of dilutive options, stock appreciation rights, performance stock units and restricted stock units		1,484,396		433,030		1,446,530		318,770
Diluted weighted-average shares outstanding		110,262,879		110,100,254		110,149,105		113,432,367

For the three months ended October 31, 2018 and 2017, awards to purchase 240,000 common shares ranging in price from $46.02 to $46.42 and 319,883 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 nine months ended October 31, 2018 and 2017, awards to purchase 249,167 common shares ranging in price from $37.02 to $46.42 and 1,016,733 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 October 31, 2018 and 2017 were 742,855 and 2,610,295 performance-based equity awards, respectively, because they did not meet the required performance criteria.