8.	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 April 30,
	2017		2016
	(in thousands)
Basic weighted average common shares outstanding		12,078		12,059
Stock options		126		—
Unvested restricted stock		38		63

Total weighted average common share equivalents		164		63

Diluted weighted average common shares outstanding		12,242		12,122

For the three months ended April 30, 2017 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 those periods.