Earnings per Share

6 Months Ended

Jul. 31, 2016

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,
	2016		2015		2016		2015
	(in thousands)				(in thousands)
Basic weighted average common shares outstanding		12,070		12,037		12,065		12,028
Stock options		—		—		5		25
Unvested restricted stock		49		39		51		36

Total weighted average common share equivalents		49		39		56		61

Diluted weighted average common shares outstanding		12,119		12,076		12,121		12,089

For the three months ended July 31, 2016 and 2015 and the six months ended July 31, 2016 and 2016, 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.