Net Income Per Ordinary Share

3 Months Ended

Apr. 30, 2013

Earnings Per Share [Abstract]

Net Income Per Ordinary Share

8. Net Income Per Ordinary Share

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

	Three Months Ended April 30,
	2013			2012
	(in thousands, except share and per share data)
Numerator:
Net income	$	4,741		$	2,602
Less: amount allocable to preference shareholders		—			(2,028	)
Less: amount allocable to unvested early exercised options		(9	)		(8	)
Net income allocable to ordinary shareholders - basic	$	4,732		$	566
Undistributed earnings reallocated to ordinary shareholders		1			68
Net income allocable to ordinary shareholders - diluted	$	4,733		$	634
Denominator:
Weighted-average ordinary shares outstanding		27,103,129			7,622,621
Less: weighted-average unvested early exercised options subject to repurchase		(46,197	)		(103,261	)
Weighted-average ordinary shares - basic		27,056,932			7,519,360
Effect of potentially dilutive securities:
Employee stock options		1,688,768			1,512,350
Restricted stock units		141,647			—
Employee stock purchase plan		170,817			—
Warrants to purchase ordinary shares		7,898			—
Weighted-average ordinary shares - diluted		29,066,062			9,031,710
Net income per ordinary share:
Basic	$	0.17		$	0.08
Diluted	$	0.16		$	0.07

Earnings per share (“EPS”) of ordinary shares was calculated using the two-class method required for participating securities. Prior to the date of the IPO, all series of redeemable convertible preference shares were considered to be participating securities due to their non-cumulative dividend rights. In connection with the Company’s IPO in October 2012, all outstanding redeemable convertible preference shares converted to ordinary shares. Net income has been allocated to the ordinary shares, redeemable convertible preference shares and unvested early exercised options based on their respective rights to share in net income and weighted-average outstanding during the periods.

The following weighted-average potentially dilutive securities were excluded from the computation of diluted net income per ordinary share as their effect would have been antidilutive:

	Three Months Ended April 30,
	2013		2012
Options to purchase ordinary shares		390,928		2,046,941
Restricted stock units		6,303		—
Employee stock purchase plan		—		—
Early exercised options subject to repurchase		46,197		103,261
Redeemable convertible preference shares (if-converted basis)		—		13,315,727
Warrants to purchase redeemable convertible preference shares (if-converted basis)		—		36,292
Warrants to purchase ordinary shares		—		—
		443,428		15,502,221