Net Income per Common Share

6 Months Ended

Jul. 31, 2022

11. Net Income 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 per common share:

	Three Months Ended				Six Months Ended
	July 31,				July 31,
	2022		2021		2022		2021
Basic weighted-average common shares outstanding		93,041,310		98,315,441		94,240,412		98,213,555
Effect of dilutive options, performance stock units and restricted stock units		606,904		1,285,851		737,093		1,249,913
Diluted weighted-average shares outstanding		93,648,214		99,601,292		94,977,505		99,463,468

For the three months ended July 31, 2022 and 2021, awards to purchase 205,000 common shares ranging in price from $23.74 to $46.42 and 160,000 common shares ranging in price from $38.09 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, 2022 and 2021, awards to purchase 202,500 common shares ranging in price from $23.74 to $46.42 and 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.

Excluded from the calculation of diluted net income per common share as of July 31, 2022 and July 31, 2021, were 167,500 and 30,001 performance-based equity awards, respectively, because they did not meet the required performance criteria.