Net Income (Loss) per Common Share

9 Months Ended

Oct. 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				Nine Months Ended
	October 31,				October 31,
	2020		2019		2020		2019
Basic weighted-average common shares outstanding		97,784,661		97,972,864		97,823,948		100,458,726
Effect of dilutive options, performance stock units and restricted stock units		798,371		655,305		—		688,299
Diluted weighted-average shares outstanding		98,583,032		98,628,169		97,823,948		101,147,025

For the three months ended October 31, 2020 and 2019, awards to purchase 460,000 common shares ranging in price from $23.74 to $46.42 and 415,000 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 nine months ended October 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 nine months ended October 31, 2019, awards to purchase 405,000 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 October 31, 2020 and 2019, were 271,501 and 370,633 performance-based equity awards, respectively, because they did not meet the required performance criteria.