Net Income Per Common Share

12 Months Ended

Jan. 31, 2025

14. 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 used for the computation of basic and diluted net income per common share:


	Fiscal Year Ended January 31,
	2025		2024		2023
Net income	$	402,462	$	287,674	$	159,699

Basic weighted-average common shares outstanding		92,684,127		92,697,751		93,199,874
Effect of dilutive options, performance stock units and restricted stock units		1,763,919		1,630,034		944,188
Diluted weighted-average shares outstanding		94,448,046		94,327,785		94,144,062

Net income per common share:
Basic	$	4.34	$	3.10	$	1.71
Diluted	$	4.26	$	3.05	$	1.70

For the fiscal years ended January 31, 2025, 2024 and 2023, awards to purchase 30,000 common shares at a price of $46.42, awards to purchase 60,000 common shares ranging in price from $28.47 to $46.42 and awards to purchase 182,500 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.

As of January 31, 2025 and 2024, 270,441 and 272,554 contingently issuable awards, respectively, were excluded from the calculation of diluted net income per common share as they did not meet certain performance criteria.