Net Income Per Common Share

9 Months Ended

Jul. 31, 2013

Net Income Per Common Share

3. NET INCOME PER COMMON SHARE

Basic net income per common share is net income divided by the weighted-average number of shares outstanding during the period. Diluted net income per common share is based on the weighted-average number of shares outstanding during the period, adjusted to include the assumed conversion of certain restricted stock units (“RSUs”), vesting of performance shares, and exercise of stock options. The calculations of basic and diluted net income per common share are as follows:

	Three Months Ended July 31,					Nine Months Ended July 31,
(in thousands, except per share amounts)	2013		2012			2013		2012
Income from continuing operations	$	16,076	$	12,626		$	48,732	$	35,013
Loss from discontinued operations, net of taxes		—		(49	)		—		(94	)
Net income	$	16,076	$	12,577		$	48,732	$	34,919
Weighted-average common and common equivalent shares outstanding—Basic		54,950		54,145			54,727		53,863
Effect of dilutive securities:
RSUs		520		363			463		367
Performance shares		444		250			383		269
Stock options		367		242			288		320
Weighted-average common and common equivalent shares outstanding—Diluted		56,281		55,000			55,861		54,819
Net income per common share
Basic	$	0.29	$	0.23		$	0.89	$	0.65
Diluted	$	0.29	$	0.23		$	0.87	$	0.64

The diluted net income per common share excludes certain stock options, RSUs, and performance shares, since the effect of including these awards would have been anti-dilutive as follows:

	Three Months Ended July 31,				Nine Months Ended July 31,
(in thousands)	2013		2012		2013		2012
Stock options		482		1,208		888		1,131
RSUs		—		105		17		77
Performance shares		—		—		25		—