Net Income (Loss) per Common Share

3 Months Ended

Apr. 30, 2021

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 (loss) income per common share:

	Three Months Ended
	April 30,
	2021		2020
Basic weighted-average common shares outstanding		98,108,245		97,910,314
Effect of dilutive options, stock appreciation rights, performance stock units and restricted stock units		1,213,975		—
Diluted weighted-average shares outstanding		99,322,220		97,910,314

For the three months ended April 30, 2021, awards to purchase 200,000 common shares ranging in price from $35.85 to $46.42 were excluded from the calculation of diluted net income per common share because the impact would be anti-dilutive. Also excluded from the calculation of diluted net income per common share as of April 30, 2021, were 161,254 performance-based equity awards because they did not meet the required performance criteria.

As a result of the net loss for the three months ended April 30, 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.