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Net Income per Common Share

9 Months Ended

Oct. 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				Nine Months Ended
	October 31,				October 31,
	2019		2018		2019		2018
Basic weighted-average common shares outstanding		97,972,864		108,778,483		100,458,726		108,702,575
Effect of dilutive options, stock appreciation rights, performance stock units and restricted stock units		655,305		1,484,396		688,299		1,446,530
Diluted weighted-average shares outstanding		98,628,169		110,262,879		101,147,025		110,149,105

For the three months ended October 31, 2019 and 2018, awards to purchase 415,000 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 nine months ended October 31, 2019 and 2018, awards to purchase 405,000 common shares ranging in price from $28.47 to $46.42 and 249,167 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 October 31, 2019 and 2018 were 370,633 and 742,855 performance-based equity awards, respectively, because they did not meet the required performance criteria.