Earnings per Share

9 Months Ended

Oct. 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 October 31,				Nine Months Ended October 31,
	2015		2014		2015		2014
	(in thousands)				(in thousands)

Basic weighted average common shares outstanding		12,051		12,476		12,035		12,631

Stock options		—		194		17		267
Unvested restricted stock		54		21		42		27

Total weighted average common share equivalents		54		215		59		294

Diluted weighted average common shares outstanding		12,105		12,691		12,094		12,925

For the three and nine months ended October 31, 2015 and 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.