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Net Income per Common Share

3 Months Ended

Apr. 30, 2019

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,
	2019		2018
Basic weighted-average common shares outstanding		104,437,460		108,490,926
Effect of dilutive options, stock appreciation rights, performance stock units and restricted stock units		902,688		1,252,751
Diluted weighted-average shares outstanding		105,340,148		109,743,677

For the three months ended April 30, 2019 and 2018, awards to purchase 380,000 common shares ranging in price from $35.85 to $46.42 and 267,500 common shares ranging in price from $37.02 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, 2019 and 2018 were 711,418 and 1,713,773 performance-based equity awards, respectively, because they did not meet the required performance criteria.