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

6 Months Ended

Jul. 31, 2021

Notes to Financial Statements

Earnings Per Share [Text Block]

3. COMPUTATION OF NET (LOSS) INCOME 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,
	2021			2020			2021			2020
	(in thousands, except per share data)						(in thousands, except per share data)
Net (loss) income	$	(6,322	)	$	60		$	(4,490	)	$	(350	)
Less: Dividends declared		(1,469	)		(1,448	)		(2,923	)		(2,879	)
Undistributed net loss	$	(7,791	)	$	(1,388	)	$	(7,413	)	$	(3,229	)
Net (loss) income per share – Class A Common Stock
Dividends declared	$	1,269		$	1,249		$	2,523		$	2,481
Allocation of undistributed net loss		(6,729	)		(1,197	)		(6,403	)		(2,782	)
Net (loss) income attributable to Class A common stock	$	(5,460	)	$	52		$	(3,880	)	$	(301	)
Weighted average shares of Class A common stock outstanding— basic		17,533			17,245			17,457			17,179
Weighted average potential shares of Class A common stock		—			568			—			—
Weighted average shares of Class A common stock and potential common shares outstanding— diluted		17,533			17,813			17,457			17,179
Basic net (loss) income per Class A common share	$	(0.31	)	$	0.00		$	(0.22	)	$	(0.02	)
Diluted net (loss) income per Class A common share	$	(0.31	)	$	0.00		$	(0.22	)	$	(0.02	)
Net (loss) income per share – Class B Common Stock
Dividends declared	$	200		$	199		$	400		$	398
Allocation of undistributed net loss		(1,062	)		(191	)		(1,010	)		(447	)
Net (loss) income attributable to Class B common stock	$	(862	)	$	8		$	(610	)	$	(49	)
Weighted average shares of Class B common stock outstanding— basic		3,339			3,321			3,335			3,321
Weighted average potential shares of Class B common stock		—			68			—			—
Weighted average shares of Class B common stock and potential common shares outstanding— diluted		3,339			3,389			3,335			3,321
Basic net (loss) income per Class B common share	$	(0.26	)	$	0.00		$	(0.18	)	$	(0.01	)
Diluted net (loss) income per Class B common share	$	(0.26	)	$	0.00		$	(0.18	)	$	(0.01	)

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,
	2021		2020		2021		2020
	(in thousands)				(in thousands)
Class A		1,646		340		1,737		1,822
Class B		102		—		111		150