Net Income per Common Share

9 Months Ended

Oct. 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				Nine Months Ended
	October 31,				October 31,
	2025		2024		2025		2024
Net income	$	116,440	$	102,911	$	368,652	$	282,161

Basic weighted-average common shares outstanding		89,706,922		92,270,583		90,360,467		92,819,987
Effect of dilutive options, performance stock units and restricted stock units		1,581,202		1,587,267		1,601,720		1,692,002
Diluted weighted-average shares outstanding		91,288,124		93,857,850		91,962,187		94,511,989

Net income per common share:
Basic	$	1.30	$	1.12	$	4.08	$	3.04
Diluted	$	1.28	$	1.10	$	4.01	$	2.99

For the three and nine months ended October 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 nine months ended October 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 October 31, 2025 and October 31, 2024, were 209,248 and 270,441 performance-based equity awards, respectively, because they did not meet the required performance criteria.