Net Income (Loss) per Common Share

6 Months Ended

Jul. 31, 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 income (loss) per common share:

	Three Months Ended				Six Months Ended
	July 31,				July 31,
	2021		2020		2021		2020
Basic weighted-average common shares outstanding		98,315,441		97,778,749		98,213,555		97,843,796
Effect of dilutive options, stock appreciation rights, performance stock units and restricted stock units		1,285,851		326,169		1,249,913		—
Diluted weighted-average shares outstanding		99,601,292		98,104,918		99,463,468		97,843,796

For the three months ended July 31, 2021 and 2020, awards to purchase 160,000 common shares ranging in price from $38.09 to $46.42 and 560,000 common shares ranging in price from $18.81 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, 2021, awards to purchase 180,000 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. As a result of the net loss for the six months ended July 31, 2020, all share-based awards were 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.

Excluded from the calculation of diluted net income per common share as of July 31, 2021 and July 31, 2020, were 30,001 and 706,794 performance-based equity awards, respectively, because they did not meet the required performance criteria.