Net Income per Common Share

9 Months Ended

Jul. 31, 2011

Net Income per Common Share

5. Net Income per Common Share

Basic net income per common share is net income divided by the weighted average number of shares outstanding during the period. Diluted net income per common share is based on the weighted average number of shares outstanding during the period, adjusted to include the assumed exercise and conversion of certain stock options, restricted stock units, and performance shares. The calculation of basic and diluted net income per common share is as follows:

		September 30,			September 30,			September 30,			September 30,
	Three Months Ended July 31,						Nine Months Ended July 31,
(in thousands, except per share data)	2011			2010			2011			2010
Income from continuing operations	$	27,911		$	20,973		$	50,516		$	42,432
Loss from discontinued operations, net of taxes		(36	)		(10	)		(60	)		(117	)
Net income	$	27,875		$	20,963		$	50,456		$	42,315
Weighted-average common shares outstanding - Basic		53,207			52,149			53,051			51,992
Effect of dilutive securities:
Stock options		466			502			539			441
Restricted stock units		282			267			284			252
Performance shares		246			78			210			69
Weighted-average common shares outstanding - Diluted		54,201			52,996			54,084			52,754
Net income per common share
Basic	$	0.52		$	0.40		$	0.95		$	0.81
Diluted	$	0.51		$	0.40		$	0.93		$	0.80

The diluted net income per common share excludes certain stock options, restricted stock units, and performance shares since the effect of including these awards would have been anti-dilutive, as follows:

		September 30,		September 30,		September 30,		September 30,
	Three Months Ended July 31,				Nine Months Ended July 31,
(in thousands)	2011		2010		2011		2010
Stock options		739		600		706		750
Restricted stock units		27		1		21		21
Performance shares		—		—		23