Earnings per Share

6 Months Ended

Jul. 31, 2013

Earnings per Share [Abstract]

Earnings per Share

8. Earnings per Share

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 July 31,				For the Six Months Ended July 31,
	2013		2012		2013		2012
	(in thousands)				(in thousands)
Basic weighted average common shares outstanding		12,742		12,665		12,766		12,646
Stock options		419		583		406		629
Unvested restricted stock		15		14		26		19
Total weighted average common share equivalents		434		597		432		648
Diluted weighted average common shares outstanding		13,176		13,262		13,198		13,294

For the three months ended July 31, 2013, 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 that period.