Note 3 - Computation of Net Income (Loss) Per Share

6 Months Ended

Jul. 31, 2020

Notes to Financial Statements

Earnings Per Share [Text Block]

3. COMPUTATION OF NET INCOME (LOSS) PER SHARE

The following table sets forth the computation of basic and diluted net income (loss) per share:

	Three Months Ended						Six Months Ended
	July 31,						July 31,
	2020			2019			2020			2019
	(in thousands, except per share data)						(in thousands, except per share data)
Net income (loss)	$	60		$	(13,250	)	$	(350	)	$	(16,484	)
Less: Dividends declared		(1,448	)		(1,387	)		(2,879	)		(2,761	)
Undistributed net loss	$	(1,388	)	$	(14,637	)	$	(3,229	)	$	(19,245	)
Net income (loss) per share – Class A Common Stock
Dividends declared	$	1,249		$	1,191		$	2,481		$	2,370
Allocation of undistributed net loss		(1,197	)		(12,570	)		(2,782	)		(16,522	)
Net income (loss) attributable to Class A common stock	$	52		$	(11,379	)	$	(301	)	$	(14,152	)
Weighted average shares of Class A common stock outstanding— basic		17,245			16,465			17,179			16,417
Weighted average potential shares of Class A common stock		568			—			—			—
Weighted average shares of Class A common stock and potential common shares outstanding— diluted		17,813			16,465			17,179			16,417
Basic net income (loss) per Class A common share	$	0.00		$	(0.69	)	$	(0.02	)	$	(0.86	)
Diluted net income (loss) per Class A common share	$	0.00		$	(0.69	)	$	(0.02	)	$	(0.86	)
Net income (loss) per share – Class B Common Stock
Dividends declared	$	199		$	196		$	398		$	391
Allocation of undistributed net loss		(191	)		(2,067	)		(447	)		(2,723	)
Net income (loss) attributable to Class B common stock	$	8		$	(1,871	)	$	(49	)	$	(2,332	)
Weighted average shares of Class B common stock outstanding— basic		3,321			3,264			3,321			3,264
Weighted average potential shares of Class B common stock		68			—			—			—
Weighted average shares of Class B common stock and potential common shares outstanding— diluted		3,389			3,264			3,321			3,264
Basic net income (loss) per Class B common share	$	0.00		$	(0.57	)	$	(0.01	)	$	(0.71	)
Diluted net income (loss) per Class B common share	$	0.00		$	(0.57	)	$	(0.01	)	$	(0.71	)

Potential common shares consist of the shares issuable upon the release of restricted stock units (RSUs) and performance stock units (PSUs) and the exercise of stock appreciation rights (SARs). The Company’s unvested RSUs and PSUs, and unexercised SARs are not considered participating securities as they do not have rights to dividends or dividend equivalents prior to release or exercise.

The following table sets forth the number of potential common shares not included in the calculation of diluted earnings per share because their effects were anti-dilutive:

	Three Months Ended				Six Months Ended
	July 31,				July 31,
	2020		2019		2020		2019
	(in thousands)				(in thousands)
Class A		340		2,897		1,822		2,898
Class B		—		278		150		278