Earnings Per Share (Notes)

6 Months Ended

Jul. 31, 2019

Earnings Per Share [Abstract]

Earnings Per Share

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 (see Note 7 – Stock-Based Compensation for further discussion) 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,
	2019		2018		2019		2018
(in thousands, except per share data)
Net income	$	79,250	$	75,866	$	134,650	$	109,565
Weighted average common shares - basic	36,476		38,428		36,739		38,356
Effect of dilutive securities:
Equity based awards	185		138		225		209
Weighted average common shares - diluted	36,661		38,566		36,964		38,565
Earnings per share:
Basic	$	2.17	$	1.97	$	3.67	$	2.86
Diluted	$	2.16	$	1.97	$	3.64	$	2.84

For the three months ended July 31, 2019 and 2018, there were 692 and 46,727 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, 2019 and 2018, there were 692 and 46,212 shares, respectively, excluded from the computation of diluted earnings per share because their effect would have been antidilutive.