Net Income per Common Share

9 Months Ended

Jul. 31, 2012

Net Income per Common Share

3. 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:

	Three Months Ended						Nine Months Ended
	July 31,						July 31,
(in thousands, except per share data)	2012			2011			2012			2011
Income from continuing operations	$	12,626		$	27,911		$	35,013		$	50,516
Loss from discontinued operations, net of taxes		(49	)		(36	)		(94	)		(60	)
Net income	$	12,577		$	27,875		$	34,919		$	50,456
Weighted-average common and common equivalent shares outstanding—Basic		54,145			53,207			53,863			53,051
Effect of dilutive securities:
Stock options		242			466			320			539
Restricted stock units		363			282			367			284
Performance shares		250			246			269			210
Weighted-average common and common equivalent shares outstanding—Diluted		55,000			54,201			54,819			54,084
Net income per common share
Basic	$	0.23		$	0.52		$	0.65		$	0.95
Diluted	$	0.23		$	0.51		$	0.64		$	0.93

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:

	Three Months Ended				Nine Months Ended
	July 31,				July 31,
(in thousands)	2012		2011		2012		2011
Stock options		1,208		739		1,131		706
Restricted stock units		105		27		77		21
Performance shares		—		—		—		23