Earnings per Share

9 Months Ended

Oct. 31, 2014

Earnings Per Share [Abstract]

Earnings per Share

10. 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 October 31,				Nine Months Ended October 31,
	2014		2013		2014		2013
	(in thousands)				(in thousands)
Basic weighted average common shares outstanding		12,476		12,767		12,631		12,766
Stock options		194		359		267		390
Unvested restricted stock		21		19		27		24
Total weighted average common share equivalents		215		378		294		414
Diluted weighted average common shares outstanding		12,691		13,145		12,925		13,180

For the three months ended October 31, 2014 and 2013 and the nine months ended October 31, 2014, 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.