Earnings Per Share (Notes)

9 Months Ended

Oct. 31, 2016

NOTE 2 — EARNINGS PER SHARE ("EPS")

The Company presents the computation of earnings per share on a basic and diluted basis. Basic EPS is computed by dividing net income by the weighted average number of shares outstanding during the reported period. Diluted EPS reflects the potential dilution related to equity-based incentives (further discussed in Note 5 – Stock-Based Compensation) using the treasury stock method. The composition of basic and diluted EPS is as follows:



	Three months ended October 31,				Nine months ended October 31,
	2016		2015		2016		2015
(in thousands, except per share data)
Net income	$	36,506	$	41,900	$	116,273	$	169,589

Weighted average common shares - basic	35,218		35,214		35,184		36,174
Effect of dilutive securities:
Equity based awards	231		183		209		180
Weighted average common shares - diluted	35,449		35,397		35,393		36,354

Earnings per share:
Basic	$	1.04	$	1.19	$	3.30	$	4.69
Diluted	$	1.03	$	1.18	$	3.29	$	4.66

For the three and nine months ended October 31, 2016, there were 844 and 1,454 shares, respectively, excluded from the computation of diluted earnings per share because their effect would have been antidilutive. For the three and nine months ended October 31, 2015, there were no shares excluded from the computation of diluted earnings per share because their effect would have been antidilutive.