Net Income per Common Share

9 Months Ended

Oct. 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				Nine Months Ended
	October 31,				October 31,
	2024		2023		2024		2023
Net income	$	102,911	$	83,014	$	282,161	$	239,923

Basic weighted-average common shares outstanding		92,270,583		92,780,736		92,819,987		92,667,878
Effect of dilutive options, performance stock units and restricted stock units		1,587,267		1,667,640		1,692,002		1,500,180
Diluted weighted-average shares outstanding		93,857,850		94,448,376		94,511,989		94,168,058

Net income per common share:
Basic	$	1.12	$	0.89	$	3.04	$	2.59
Diluted	$	1.10	$	0.88	$	2.99	$	2.55

For both the three months ended October 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 nine months ended October 31, 2024 and 2023, awards to purchase 40,000 common shares at a price of $46.42 and 66,667 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 October 31, 2024 and October 31, 2023, were 270,441 and 272,554 performance-based equity awards, respectively, because they did not meet the required performance criteria.