Earnings Per Share (Notes)

9 Months Ended

Oct. 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 October 31,				Nine months ended October 31,
	2019		2018		2019		2018
(in thousands, except per share data)
Net income	$	90,770	$	114,216	$	225,420	$	223,781
Weighted average common shares - basic	35,720		38,358		36,395		38,357
Effect of dilutive securities:
Equity based awards	248		168		235		202
Weighted average common shares - diluted	35,968		38,526		36,630		38,559
Earnings per share:
Basic	$	2.54	$	2.98	$	6.19	$	5.83
Diluted	$	2.52	$	2.96	$	6.15	$	5.80

For the three months ended October 31, 2019 and 2018, there were 485 and 45,072 shares, respectively, excluded from the computation of diluted earnings per share because their effect would have been antidilutive. For the nine months ended October 31, 2019 and 2018, there were 485 and 43,783 shares, respectively, excluded from the computation of diluted earnings per share because their effect would have been antidilutive.