| Net Income per Common Share |
| 3. |
Net Income per Common
Share |
Basic net
income per common share is net income divided by the
weighted-average number of shares outstanding during the period.
Diluted net income per common share is based on the
weighted-average number of shares outstanding during the period,
adjusted to include the assumed exercise and conversion of certain
stock options, restricted stock units, and performance shares. The
calculation of basic and diluted net income per common share is as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended
April 30, |
|
|
Six Months Ended
April 30, |
|
|
(in thousands,
except per share data)
|
|
2012 |
|
|
2011 |
|
|
2012 |
|
|
2011 |
|
|
Income from continuing
operations
|
|
$ |
11,747 |
|
|
$ |
14,200 |
|
|
$ |
22,387 |
|
|
$ |
22,605 |
|
|
Loss from discontinued
operations, net of taxes
|
|
|
(35 |
) |
|
|
(8 |
) |
|
|
(45 |
) |
|
|
(24 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
$ |
11,712 |
|
|
$ |
14,192 |
|
|
$ |
22,342 |
|
|
$ |
22,581 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common
shares outstanding—Basic
|
|
|
53,944 |
|
|
|
53,106 |
|
|
|
53,721 |
|
|
|
52,972 |
|
|
Effect of dilutive
securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock options
|
|
|
402 |
|
|
|
568 |
|
|
|
358 |
|
|
|
577 |
|
|
Restricted stock
units
|
|
|
358 |
|
|
|
273 |
|
|
|
369 |
|
|
|
285 |
|
|
Performance
shares
|
|
|
259 |
|
|
|
212 |
|
|
|
280 |
|
|
|
192 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common
shares outstanding—Diluted
|
|
|
54,963 |
|
|
|
54,159 |
|
|
|
54,728 |
|
|
|
54,026 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$ |
0.22 |
|
|
$ |
0.27 |
|
|
$ |
0.42 |
|
|
$ |
0.43 |
|
|
Diluted
|
|
$ |
0.21 |
|
|
$ |
0.26 |
|
|
$ |
0.41 |
|
|
$ |
0.42 |
|
The diluted net
income per common share excludes certain stock options, restricted
stock units, and performance shares since the effect of including
these awards would have been anti-dilutive, as follows:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended
April 30, |
|
|
Six Months Ended
April 30, |
|
|
(in
thousands)
|
|
2012 |
|
|
2011 |
|
|
2012 |
|
|
2011 |
|
|
Stock options
|
|
|
825 |
|
|
|
733 |
|
|
|
1,092 |
|
|
|
689 |
|
|
Restricted stock
units
|
|
|
21 |
|
|
|
18 |
|
|
|
63 |
|
|
|
19 |
|
|
Performance
shares
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
34 |
|
|