Net Income (Loss) per Common Share

9 Months Ended

Oct. 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				Nine Months Ended
	October 31,				October 31,
	2021		2020		2021		2020
Basic weighted-average common shares outstanding		98,202,399		97,784,661		98,209,796		97,823,948
Effect of dilutive options, stock appreciation rights, performance stock units and restricted stock units		1,213,439		798,371		1,237,755		—
Diluted weighted-average shares outstanding		99,415,838		98,583,032		99,447,551		97,823,948

For the three months ended October 31, 2021 and 2020, awards to purchase 160,000 common shares ranging in price from $38.09 to $46.42 and 460,000 common shares ranging in price from $23.74 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, 2021, awards to purchase 173,333 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 nine months ended October 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 October 31, 2021 and October 31, 2020, were 30,001 and 271,501 performance-based equity awards, respectively, because they did not meet the required performance criteria.