Note 11 - Earnings Per Share

9 Months Ended

Oct. 31, 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 October 31,				Nine Months Ended October 31,
	2022		2021		2022		2021
	(in thousands)				(in thousands)
Basic weighted average common shares outstanding		13,788		13,774		13,782		13,769
Stock options		—		66		—		80
Unvested restricted stock		1		30		6		28
Total weighted average common share equivalents		1		96		6		108
Diluted weighted average common shares outstanding		13,789		13,870		13,788		13,877

For the three and nine months ended October 31, 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.