Note 11 - Earnings Per Share

3 Months Ended

Apr. 30, 2022

Notes to Financial Statements

Earnings Per Share [Text Block]

11. 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 April 30,
	2022		2021
	(in thousands)
Basic weighted average common shares outstanding		13,775		13,759
Stock options		—		94
Unvested restricted stock		11		27
Total weighted average common share equivalents		11		121
Diluted weighted average common shares outstanding		13,786		13,880

For the three months ended April 30, 2022 and 2021, 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.