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Net Income per Common Share

6 Months Ended

Jul. 31, 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				Six Months Ended
	July 31,				July 31,
	2019		2018		2019		2018
Basic weighted-average common shares outstanding		99,095,562		108,831,399		101,722,244		108,663,990
Effect of dilutive options, stock appreciation rights, performance stock units and restricted stock units		506,903		1,602,441		704,796		1,427,596
Diluted weighted-average shares outstanding		99,602,465		110,433,840		102,427,040		110,091,586

For the three months ended July 31, 2019 and 2018, awards to purchase 420,000 common shares ranging in price from $28.47 to $46.42 and 240,000 common shares ranging in price from $46.02 to $46.42, 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, 2019 and 2018, awards to purchase 400,000 common shares ranging in price from $28.47 to $46.42 and 253,750 common shares ranging in price from $37.02 to $46.42, 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, 2019 and 2018 were 780,264 and 1,451,382 performance-based equity awards, respectively, because they did not meet the required performance criteria.