Three Months Ended
July 31,

Six Months Ended
July 31,

(in $000s except share and per share information)

2018

2017

2018

2017

Numerator:

$

1.017

$

1,842

$

2,885

$

3,552

Net income

Denominator:

Denominator for basic earnings per share
(weighted-average shares which reflect 356,441 shares in the treasury)

8,116,199

7,266,291

8,116,199

7,265,053

Effect of dilutive securities from restricted stock plan and from dilutive effect of stock options

60,936

13,759

52,559

51,823

Denominator for diluted earnings per share (adjusted weighted average shares)

8,177,135

7,280,050

8,168,758

7,316,876

Basic earnings per share

$

0.13

$

0.25

$

0.36

$

0.49

Diluted earnings per share

$

0.12

$

0.25

$

0.35

$

0.49