Note 5 – Net Income per Common Share

Basic net income per common share has been computed using the weighted average number of common shares outstanding during each period. Diluted net income per share is computed using the weighted average number of common shares and potential dilutive common shares, consisting of unvested restricted stock awards and unexercised stock options outstanding during the period. Approximately 355,900 and 341,700 shares of common stock have been excluded from the diluted net income per share calculation for the three months ended April 30, 2019 and 2018, respectively. In addition, all share based payments outstanding that vest based on the achievement of performance and/or market price conditions, and for which the respective performance and/or market price conditions have not been achieved, have been excluded from the diluted per share calculation.

The following table reconciles the numerators and denominators used in the calculation of basic and diluted net income per share:


	Three Months Ended April 30,
	2019		2018
	(In thousands, except per share amounts)
Net income	$	12,043	$	9,885
Basic net income per share:
Basic common shares		48,781		49,127
Basic net income per share	$	0.25	$	0.20

Diluted net income per share:
Basic common shares		48,781		49,127
Diluted restricted stock awards and stock options		993		1,010
Diluted common shares		49,774		50,137
Diluted net income per share	$	0.24	$	0.20