Earnings per Share

6 Months Ended

Jul. 31, 2021

11. Earnings per Share

Net income per basic common share is computed using the weighted average number of common shares outstanding during the period, excluding unvested restricted stock. Net income per diluted common share is

computed using the weighted average number of common shares and dilutive potential common shares outstanding during the period using the treasury stock method. Potential common shares result from the assumed exercise of outstanding common stock options having a dilutive effect and from

the

assumed vesting of unvested shares of restricted stock.

The following table presents the calculation of basic and diluted weighted average common shares used in the earnings per share calculation:


	Three Months Ended July 31,				Six Months Ended July 31,
	2021		2020		2021		2020

	(in thousands)				(in thousands)
Basic weighted average common shares outstanding		13,774		12,182		13,767		12,177
Stock options		79		3		58		1
Unvested restricted stock		29		10		18		5

Total weighted average common share equivalents		108		13		76		6

Diluted weighted average common shares outstanding		13,882		12,195		13,843		12,183

For the three and six months ended July 31, 2021 and 2020, potentially dilutive common shares underlying stock options and unvested restricted stock were anti-dilutive and were therefore not considered in calculating diluted loss per share for those periods.