8. Earnings per Share

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,
	2017		2016		2017		2016
	(in thousands)				(in thousands)
Basic weighted average common shares outstanding		12,082		12,070		12,080		12,065
Stock options		83		—		104		5
Unvested restricted stock		35		49		37		51

Total weighted average common share equivalents		118		49		141		56

Diluted weighted average common shares outstanding		12,200		12,119		12,221		12,121

For the three months ended July 31, 2017 and 2016 and the six months ended July 31, 2017 and 2016, 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 period.