Earnings per Share

6 Months Ended

Jul. 31, 2015

9.	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,				Six Months Ended July 31,
	2015		2014		2015		2014
	(in thousands)				(in thousands)
Basic weighted average common shares outstanding		12,037		12,671		12,028		12,710

Stock options		—		293		25		305
Unvested restricted stock		39		22		36		29

Total weighted average common share equivalents		39		315		61		334

Diluted weighted average common shares outstanding		12,076		12,986		12,089		13,044

For the three months ended July 31, 2015 and 2014 and the six months ended July 31, 2015, 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.