EARNINGS PER SHARE COMPUTATIONS (Tables)

9 Months Ended

Oct. 31, 2012

EARNINGS PER SHARE COMPUTATIONS [Abstract]

Summary of shares used in computing basic and diluted net income per common share

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 and non-employee director 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:

	Nine Months Ended				Three Months Ended
	October 31,				October 31,
	2012		2011		2012		2011
Numerator:
Net income	$	5,669,432	$	4,984,627	$	2,790,735	$	2,081,886
Denominator:
Weighted average common shares outstanding during the period for basic computation		14,683,286		14,659,402		14,682,776		14,659,383
Dilutive effect of stock-based compensation plans		50,178		129,091		51,476		140,431
Weighted average common shares outstanding during the period for diluted computation		14,733,464		14,788,493		14,734,252		14,799,814
Earnings per share, basic	$	.39	$	.34	$	.19	$	.14
Earnings per share, diluted	$	.38	$	.34	$	.19	$	.14