Earnings per Share

9 Months Ended

Oct. 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 October 31,		Nine Months Ended October 31,
	2020	2019	2020	2019
	(in thousands)		(in thousands)
Basic weighted average common shares outstanding	12,313	12,158	12,223	12,135
Stock options	70	44	24	80
Unvested restricted stock	17	2	10	2
Total weighted average common share equivalents	87	46	34	82
Diluted weighted average common shares outstanding	12,400	12,204	12,257	12,217

For the three and nine months ended October 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.