Earnings per Share

6 Months Ended

Jul. 31, 2020

Net income per basic common share is computed using the weighted average number of common shares outstanding during the period, excluding unvested restricted stock. Net income per diluted common share is computed using the weighted average number of common shares and dilutive potential common shares outstanding during the period using the treasury stock method. Potential common shares result from the assumed exercise of outstanding common stock options having a dilutive effect and from the assumed vesting of unvested shares of restricted stock.

The following table presents the calculation of basic and diluted weighted average common shares used in the earnings per share calculation:


	Three Months Ended July 31,			Six Months Ended July 31,
	2020	2019	2020	2019
	(in thousands)			(in thousands)
Basic weighted average common shares outstanding	12,182	12,128	12,177	12,124
Stock options	3	96	1	64
Unvested restricted stock	10	2	5	2
Total weighted average common share equivalents	13	98	6	66
Diluted weighted average common shares outstanding	12,195	12,226	12,183	12,190

For the three and six months ended July 31, 2020 and 2019, potentially dilutive common shares, underlying stock options and unvested restricted stock were anti-dilutive and were therefore not considered in calculating diluted loss per share for those periods.