EARNINGS PER SHARE COMPUTATIONS

12 Months Ended

Jan. 31, 2012

EARNINGS PER SHARE COMPUTATIONS [Abstract]

EARNINGS PER SHARE COMPUTATIONS

NOTE 4:                EARNINGS PER SHARE COMPUTATIONS

Basic earnings per share is based on the weighted average number of common shares outstanding. Diluted earnings per share is based on the weighted average number of common shares outstanding and potentially dilutive shares. The dilutive effect of employee stock options and awards of restricted stock units are included in the computation of diluted earnings per share. The dilutive effect of stock options is calculated using the treasury stock method and expected proceeds upon exercise of the stock options.

The following table summarizes the shares used in computing basic and diluted net income per common share:

		January 31,
		2012	2011	2010
Numerator:
	Net income	$7,133,701	$6,139,132	$4,439,811
Denominator:
	Weighted average common shares outstanding during      the period for basic computation	14,662,055	14,629,215	14,602,276
	Dilutive effect of stock-based compensation plans	112,637	129,444	73,459
	Weighted average common shares outstanding during      the period for diluted computation	14,774,692	14,758,659	14,675,735
Earnings per share, basic		$.49	$.42	$.30
Earnings per share, diluted		$.48	$.42	$.30

For the fiscal years ended January 31, 2012, 2011 and 2010, employee stock options to purchase 616,585, 642,585 and 944,096 common shares were excluded from the calculations of diluted earnings per share as the calculated proceeds from the options' exercises were greater than the market price of the Company's common shares during these periods.