Net Income (Loss) per Common Share

6 Months Ended

Jul. 31, 2020

11. Net Income (Loss) 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 (loss) per common share:

	Three Months Ended				Six Months Ended
	July 31,				July 31,
	2020		2019		2020		2019
Basic weighted-average common shares outstanding		97,778,749		99,095,562		97,843,796		101,722,244
Effect of dilutive options, performance stock units and restricted stock units		326,169		506,903		—		704,796
Diluted weighted-average shares outstanding		98,104,918		99,602,465		97,843,796		102,427,040

For the three months ended July 31, 2020 and 2019, awards to purchase 560,000 common shares ranging in price from $18.81 to $46.42 and 420,000 common shares ranging in price from $28.47 to $46.42, respectively, were excluded from the calculation of diluted net income per common share because the impact would be anti-dilutive.

As a result of the net loss for the six months ended July 31, 2020, all share-based awards have been excluded from the calculation of diluted loss per share and therefore there was no difference in the weighted average number of common shares for basic and diluted loss per share as the effect of all potentially dilutive shares outstanding was anti-dilutive. For six months ended July 31, 2019, awards to purchase 400,000 common shares ranging in price from $28.47 to $46.42 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, 2020 and 2019, were 706,794 and 780,264 performance-based equity awards, respectively, because they did not meet the required performance criteria.