Net Income per Common Share

6 Months Ended

Jul. 31, 2025

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,
	2025		2024		2025		2024
Net income	$	143,865	$	117,485	$	252,212	$	179,250

Basic weighted-average common shares outstanding		89,667,451		93,071,401		90,692,646		93,097,694
Effect of dilutive options, performance stock units and restricted stock units		1,500,530		1,612,602		1,611,978		1,744,371
Diluted weighted-average shares outstanding		91,167,981		94,684,003		92,304,624		94,842,065

Net income per common share:
Basic	$	1.60	$	1.26	$	2.78	$	1.93
Diluted	$	1.58	$	1.24	$	2.73	$	1.89

For the three and six months ended July 31, 2025, there were no awards to purchase common shares that were excluded from the calculation of diluted net income per common share for which the impact would be anti-dilutive. For the three and six months ended July 31, 2024, 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.

Excluded from the calculation of diluted net income per common share as of July 31, 2025, and July 31, 2024, were 209,248 and 270,441 performance-based equity awards, respectively, because they did not meet the required performance criteria.