Earnings per Share

3 Months Ended

Apr. 30, 2021

Net income per basic common share is computed using the weighted average number of common shares outstanding during the period, excluding unvested restricted stock. Net income per diluted common share is computed using the weighted average number of common shares and dilutive potential common shares outstanding during the period using the treasury stock method. Potential common shares result from the assumed exercise of outstanding common stock options having a dilutive effect and from the assumed vesting of unvested shares of restricted stock.

The following table presents the calculation of basic and diluted weighted average common shares used in the earnings per share calculation:


	Three Months Ended April 30,
	2021	2020
	(in thousands)
Basic weighted average common shares outstanding	13,759	12,172
Stock options	94	—
Unvested restricted stock	27	4
Total weighted average common share equivalents	121	4
Diluted weighted average common shares outstanding	13,880	12,176

For the three and months ended April 30, 2021 and 2020, potentially dilutive common shares underlying stock options and unvested restricted stock were anti-dilutive and were therefore not considered in calculating diluted loss per share for those periods.