Earnings per Share

9 Months Ended

Oct. 31, 2016

9. Earnings per Share

Earnings per basic common share is computed using the weighted average number of common shares outstanding during the period, excluding unvested restricted stock. Earnings 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,
	2016		2015		2016		2015
	(in thousands)				(in thousands)
Basic weighted average common shares outstanding		12,075		12,051		12,068		12,035
Stock options		8		—		6		17
Unvested restricted stock		37		54		46		42

Total weighted average common share equivalents		45		54		52		59

Diluted weighted average common shares outstanding		12,120		12,105		12,120		12,094

For the three months ended October 31, 2016 and 2015 and the nine months ended October 31, 2016 and 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.