Net Income per Common Share

6 Months Ended

Jul. 31, 2013

Earnings Per Share [Abstract]

Net Income per Common Share

Note 4 – Net Income per Common Share

Basic net income per common share has been computed using the weighted average number of common shares outstanding during each period. Diluted net income per share, when applicable, is computed using the weighted average number of common shares and potential dilutive common shares, consisting of unvested restricted stock awards and stock options, during the period. All share based payments outstanding that vest based on the achievement of performance or market conditions, and for which the respective performance or market conditions have not been achieved, have been excluded from the diluted per share calculation as their inclusion would be anti-dilutive. For the six months ended July 31, 2013 and 2012, 272,365 and 245,297 shares of common stock, respectively, were issued in connection with the exercise or vesting of equity awards.

A reconciliation between basic and diluted net income per share is as follows:

	Three Months Ended July 31,				Six Months Ended July 31,
	2013		2012		2013		2012
	(In thousands, except per share amounts)
Net income	$	3,592	$	1,362	$	4,710	$	514
Basic net income per share:
Basic common shares		20,305		19,995		20,234		19,928
Basic net income per share	$	0.18	$	0.07	$	0.23	$	0.03
Diluted net income per share:
Basic common shares		20,305		19,995		20,234		19,928
Restricted stock awards and stock options		448		336		452		406
Diluted common shares		20,753		20,331		20,686		20,334
Diluted net income per share	$	0.17	$	0.07	$	0.23	$	0.03