COMPUTATION OF NET INCOME PER SHARE

9 Months Ended

Oct. 31, 2014

COMPUTATION OF NET INCOME PER SHARE [Abstract]

COMPUTATION OF NET INCOME (LOSS) PER SHARE

2. COMPUTATION OF NET INCOME PER SHARE

The following table sets forth the computation of basic and diluted net income per share:

	Three Months Ended October 31,						Nine Months Ended October 31,
	2014			2013			2014			2013
	(in thousands, except per share data)						(in thousands, except per share data)
Net income	$	5,090		$	2,049		$	5,999		$	2,040
Less: Dividends declared		(1,118	)		(1,090	)		(3,334	)		(3,267	)
Undistributed net income (loss)	$	3,972		$	959		$	2,665		$	(1,227	)
Net income per share – Class A Common Stock
Dividends declared	$	926		$	901		$	2,761		$	2,700
Allocation of undistributed net  income (loss)		3,292			793			2,210			(1,012	)
Net income attributable to Class A common stock	$	4,218		$	1,694		$	4,971		$	1,688
Weighted average shares of Class A common stock outstanding—basic		12,865			12,526			12,755			12,477
Weighted average potential shares of Class A common stock		622			464			719			453
Weighted average shares of Class A common stock and potential common shares outstanding—diluted		13,487			12,990			13,474			12,930
Basic net income per Class A common share	$	0.33		$	0.14		$	0.39		$	0.14
Diluted net income per Class A common share	$	0.31		$	0.13		$	0.37		$	0.13
Net income per share – Class B Common Stock
Dividends declared	$	192		$	189		$	573		$	567
Allocation of undistributed net income (loss)		680			166			455			(215	)
Net income attributable to Class B common stock	$	872		$	355		$	1,028		$	352
Weighted average shares of Class B common stock outstanding—basic		3,189			3,149			3,180			3,146
Weighted average potential shares of Class B common stock		76			86			90			88
Weighted average shares of Class B common stock and potential common shares outstanding—diluted		3,265			3,235			3,270			3,234
Basic net income per Class B common share	$	0.27		$	0.11		$	0.32		$	0.11
Diluted net income per Class B common share	$	0.27		$	0.11		$	0.31		$	0.11

Potential common shares consist of the shares issuable upon the release of restricted stock units (“RSUs”) and the exercise of stock appreciation rights (“SARs”). The Company’s unvested RSUs are not considered participating securities as they do not have rights to dividends or dividend equivalents prior to release. In addition, the Company’s unexercised SARs are not considered participating securities as they do not have rights to dividends or dividend equivalents prior to exercise.

The following table sets forth the number of potential common shares not included in the calculation of diluted net income per share because their effects were anti-dilutive:

	Three Months Ended October 31,				Nine Months Ended October 31,
	2014		2013		2014		2013
	(in thousands)				(in thousands)
Class A		330		1,307		277		1,148
Class B		67		189		38		183