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Shareholders' Equity
 6 Months Ended
Jul. 31, 2024
Equity [Abstract]  
Shareholders' Equity

8. Shareholders’ Equity

Share repurchase activity under the Company's share repurchase program was as follows:

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

July 31,

 

 

July 31,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Number of common shares repurchased and subsequently retired

 

 

1,200,000

 

 

 

—

 

 

 

1,200,000

 

 

 

—

 

Total cost(1)

 

$

52,262

 

 

$

—

 

 

$

52,262

 

 

$

—

 

Average cost per share, including commissions

 

$

43.55

 

 

$

—

 

 

$

43.55

 

 

$

—

 
(1)
Under the Inflation Reduction Act, the Company's share repurchases, net of issuances, are subject to a 1% excise tax. The total cost of share repurchases during the three and six months ended July 31, 2024 excludes excise tax incurred of $240.

On June 4, 2019, the Company’s Board of Directors authorized the repurchase of 20,000,000 common shares under a share repurchase program. As of July 31, 2024, 17,956,390 common shares were remaining under the program.

During the six months ended July 31, 2024, the Company acquired and subsequently retired 355,439 common shares at a total cost of $14,977 from employees to meet payroll tax withholding requirements on vested share-based awards. During the six months ended July 31, 2023, the Company acquired and subsequently retired 303,579 common shares at a total cost of $8,184 from employees to meet payroll tax withholding requirements on vested share-based awards.