Three Months Ended

October 31,

Nine Months Ended

October 31,

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

2019

2018

2019

2018

Numerator:

Net income

$

1,146

$

501

$

2,076

$

3,386

Denominator:

Denominator for basic earnings per share (weighted-average shares which reflect shares in the treasury, 471,289 and 356,441 for October 31, 2019 and 2018, respectively)

8,004,640

8,119,448

8,013,383

8,117,307

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

31,289

66,682

30,776

57,253

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

8,035,929

8,186,130

8,044,159

8,174,560

Basic earnings per share

$

0.14

$

0.06

$

0.26

$

0.42

Diluted earnings per share

$

0.14

$

0.06

$

0.26

$

0.41

Warrants, restricted stock, and stock options excluded from the computation of diluted earnings per share because the effect of inclusion would have been anti-dilutive

125,457