Net Income per Common Share

6 Months Ended

Jul. 31, 2024

10. Net Income per Common Share

Basic net income per common share is calculated by dividing net income by the weighted-average number of common shares outstanding. Diluted net income per common share is calculated by dividing net income by the weighted-average number of common shares and potentially dilutive securities outstanding during the period using the treasury stock method for the Company's stock options, performance stock units and restricted stock units. The following is a reconciliation of the weighted-average common shares outstanding and calculation of basic and diluted net income per common share:


	Three Months Ended				Six Months Ended
	July 31,				July 31,
	2024		2023		2024		2023
Net income	$	117,485	$	104,092	$	179,250	$	156,909

Basic weighted-average common shares outstanding		93,071,401		92,741,888		93,097,694		92,610,499
Effect of dilutive options, performance stock units and restricted stock units		1,612,602		1,486,297		1,744,371		1,416,451
Diluted weighted-average shares outstanding		94,684,003		94,228,185		94,842,065		94,026,950

Net income per common share:
Basic	$	1.26	$	1.12	$	1.93	$	1.69
Diluted	$	1.24	$	1.10	$	1.89	$	1.67

For both the three months ended July 31, 2024 and 2023, awards to purchase 40,000 common shares at a price of $46.42 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, 2024 and 2023, awards to purchase 40,000 common shares at a price of $46.42 and 80,000 common shares ranging in price from $28.47 to $46.42, respectively, 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, 2024 and July 31, 2023, were 270,441 and 272,554 performance-based equity awards, respectively, because they did not meet the required performance criteria.