On December 15, 2020, our board of directors authorized the repurchase of up to $50.0 million of our common stock, subject to certain conditions, in the open market or in privately negotiated transactions until December 14, 2021. As of January 31, 2021, we completed this stock repurchase program by repurchasing 2,737,489 shares of our common stock for $50.0 million utilizing cash on hand.

On March 2, 2021, our Board of Directors approved a program to repurchase up to $100.0 million of our outstanding shares of common stock through March 1, 2022. The amount and timing of any repurchases will depend on a number of factors, including price, trading volume, general market conditions, legal requirements, and other factors. The repurchases may be made on the open market, in block trades, or in privately negotiated transactions. Any shares of common stock repurchased under the program will be considered issued but not outstanding shares of our common stock.

The following table provides a reconciliation of the net income amounts and weighted average number of common and common equivalent shares used to determine basic and diluted earnings per share for the three and nine months ended January 31, 2021 and 2020 (in thousands, except per share data):

	For the Three Months Ended January 31,				For the Nine Months Ended January 31,
	2021		2020		2021		2020
Net income/(loss)
Income from continuing operations	$	62,263	$	4,227	$	154,679	$	6,755
Income/(loss) from discontinued operations		127		1,504		8,334		(1,839	)
Net income	$	62,390	$	5,731	$	163,013	$	4,916
Weighted average shares outstanding — Basic		55,137		55,064		55,515		54,919
Effect of dilutive stock awards		565		680		743	722
Weighted average shares outstanding — Diluted		55,702		55,744		56,258		55,641
Earnings/(loss) per share — Basic
Income from continuing operations	$	1.13	$	0.08	$	2.79	$	0.12
Income/(loss) from discontinued operations	—		$	0.02	$	0.15	$	(0.03	)
Net income	$	1.13	$	0.10	$	2.94	$	0.09
Earnings/(loss) per share — Diluted
Income from continuing operations	$	1.12	$	0.08	$	2.75	$	0.12
Income/(loss) from discontinued operations	—		$	0.02	$	0.15	$	(0.03	)
Net income	$	1.12	$	0.10	$	2.90	$	0.09

For the three months ended January 31, 2021 and 2020, the amount of shares excluded from the computation of diluted earnings per share was 14,994 and 20,664, respectively, because the effect would be antidilutive. For the nine months ended January 31, 2021 and 2020, the amount of shares we excluded from the computation of diluted earnings was 16,724 and 24,843, respectively, because the effect would be antidilutive.

We have two incentive stock plans: the 2004 Incentive Stock Plan and the 2013 Incentive Stock Plan. New grants under the 2004 Incentive Stock Plan have not been made since the approval of the 2013 Incentive Stock Plan at our 2013 Annual Meeting of Stockholders. All new grants covering all participants are issued under the 2013 Incentive Stock Plan. Except in specific circumstances, grants vest over a period of four years, and stock options are exercisable for a period of 10 years from the date of grant. The 2013 Incentive Stock Plan also permits the grant of awards to non-employees, which our board of directors has authorized in the past.

The number of shares and weighted average exercise prices of stock options for the nine months ended January 31, 2021 and 2020 were as follows:

	For the Nine Months Ended January 31,
	2021					2020
				Weighted					Weighted
				Average					Average
	Shares			Exercise Price		Shares			Exercise Price
Options outstanding, beginning of year		200,667		$	7.67		267,761		$	6.76
Exercised during the period		(200,667	)		7.67		(15,000	)		5.79
Canceled/forfeited during period	—			—			(160,667	)		8.89
Options outstanding, end of period	—			—			92,094		$	3.22
Weighted average remaining contractual life	—					0.45 years
Options exercisable, end of period	—			—			92,094		$	3.22
Weighted average remaining contractual life	—					0.45 years

There were no outstanding stock options as of January 31, 2021. The aggregate intrinsic value of outstanding and exercisable stock options as of January 31, 2020 was $571,000. The aggregate intrinsic value of stock options exercised in the three and nine months ended January 31, 2021 was $151,000 and $2.9 million, respectively. The aggregate intrinsic value of stock options exercised in the three and nine months ended January 31, 2020 was $100,000. At January 31, 2021 and 2020, there was no unrecognized compensation expense related to outstanding stock options.

We have an Employee Stock Purchase Plan, or the ESPP, in which each participant is granted an option to purchase our common stock on each subsequent exercise date during the offering period (as such terms are defined in the ESPP) in accordance with the terms of the ESPP.

The total stock-based compensation expense, including stock options, purchases under our ESPP, restricted stock units, or RSUs, and performance-based RSUs, or PSUs, was $3.4 million and $941,000 for the nine months ended January 31, 2021 and 2020, respectively. Stock-based compensation expense is included in cost of sales, sales and marketing, research and development, and general and administrative expenses.

We grant service-based RSUs to employees and members of our Board of Directors. The awards are made at no cost to the recipient. An RSU represents the right to receive one share of our common stock and does not carry voting or dividend rights. Except in specific circumstances, RSU grants to employees vest over a period of four years with one-fourth of the units vesting on each anniversary of the grant date. We amortize the aggregate fair value of our RSU grants to compensation expense over the vesting period.

We grant PSUs to our executive officers and certain management employees who are not executive officers. The PSUs vest, and the fair value of such PSUs will be recognized, over the corresponding three-year performance period.

During the nine months ended January 31, 2021, we granted an aggregate of 234,007 service-based RSUs, including 139,976 RSUs to non-executive officer employees, and 25,570 RSUs to our directors. During the nine months ended January 31, 2021, we granted 36,308 PSUs to certain of our executive officers. Compensation expense related to grants of RSUs and PSUs was $2.6 million for the nine months ended January 31, 2021. During the nine months ended January 31, 2021, we cancelled 92,500 PSUs as a result of the failure to satisfy the performance metric and 88,219 service-based RSUs as a result of the service condition not being met. In connection with the vesting of RSUs, during the nine months ended January 31, 2021, we delivered common stock to our employees and directors, including our executive officers, with a total market value of $7.0 million.

During the nine months ended January 31, 2020, we granted an aggregate of 255,911 service-based RSUs, including 140,271 RSUs to non-executive officer employees, and 115,640 to our directors. Compensation expense related to grants of RSUs and PSUs was $789,000 for the nine months ended January 31, 2020. During the nine months ended January 31, 2020, we cancelled 210,300 PSUs as a result of the service condition not being met, 156,725 PSUs as a result of failure to satisfy the performance metric, and 236,319 service-based RSUs as a result of the service condition not being met. In connection with the vesting of RSUs, during the nine months ended January 31, 2020, we delivered common stock to our employees and directors, including our executive officers, with a total market value of $2.2 million.

A summary of activity for unvested RSUs and PSUs for the nine months ended January 31, 2021 and 2020 is as follows:

	For the Nine Months Ended January 31,
	2021					2020
				Weighted					Weighted
	Total # of			Average		Total # of			Average
	Restricted			Grant Date		Restricted			Grant Date
	Stock Units			Fair Value		Stock Units			Fair Value
RSUs and PSUs outstanding, beginning of period		1,313,974		$	11.65		1,631,631		$	15.44
Awarded		270,315			16.54		255,911			7.55
Vested		(404,608	)		14.61		(249,408	)		17.53
Forfeited		(180,719	)		15.19		(603,344	)		15.40
RSUs and PSUs outstanding, end of period		998,962		$	11.13		1,034,790		$	13.01

As of January 31, 2021, there was $4.0 million of unrecognized compensation expense related to unvested RSUs and PSUs. This expense is expected to be recognized over a weighted average remaining contractual term of 1.4 years.