Note 12 - Earnings Per Share

9 Months Ended

Oct. 31, 2021

Notes to Financial Statements

Earnings Per Share [Text Block]

12. 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 October 31,				Nine Months Ended October 31,
	2021		2020		2021		2020
	(in thousands)				(in thousands)
Basic weighted average common shares outstanding		13,774		12,313		13,769		12,223
Stock options		66		70		80		24
Unvested restricted stock		30		17		28		10
Total weighted average common share equivalents		96		87		108		34
Diluted weighted average common shares outstanding		13,870		12,400		13,877		12,257

For the three and nine months ended October 31, 2021 and 2020, 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.