EARNINGS PER SHARE COMPUTATIONS

12 Months Ended

Jan. 31, 2013

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,
	2013		2012		2011
Numerator:
Net income	$	8,045,223	$	7,133,701	$	6,139,132
Denominator:
Weighted average common shares outstanding during the period for basic computation		14,685,038		14,662,055		14,629,215
Dilutive effect of stock-based compensation plans		52,997		112,637		129,444
Weighted average common shares outstanding during the period for diluted computation		14,738,035		14,774,692		14,758,659
Earnings per share, basic	$	.55	$	.49	$	.42
Earnings per share, diluted	$	.55	$	.48	$	.42

For the fiscal years ended January 31, 2013, 2012 and 2011, employee stock options to purchase 653,634, 616,585, and 642,585 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.