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 6 – Stock-Based Compensation) using the treasury stock method. The composition of basic and diluted EPS is as follows:



	Three months ended July 31,				Six months ended July 31,
	2017		2016		2017		2016
(in thousands, except per share data)
Net income	$	47,459	$	46,394	$	78,113	$	79,767

Weighted average common shares - basic	38,174		35,207		37,720		35,167
Effect of dilutive securities:
Equity based awards	214		171		215		206
Weighted average common shares - diluted	38,388		35,378		37,935		35,373

Earnings per share:
Basic	$	1.24	$	1.32	$	2.07	$	2.27
Diluted	$	1.24	$	1.31	$	2.06	$	2.26

For the three months ended July 31, 2017 and 2016, there were 26,454 and 4,028 shares, respectively, excluded from the computation of diluted earnings per share because their effect would have been antidilutive. For the six months ended July 31, 2017 and 2016, there were 36,956 and 203,991 shares, respectively, excluded from the computation of diluted earnings per share because their effect would have been antidilutive.