Basic net income per common share is calculated by dividing net income by the weighted-average number of common shares outstanding. Diluted net income per common share is calculated by dividing net income by the weighted-average number of common shares and potentially dilutive securities outstanding during the period using the treasury stock method for the Company's stock options, performance stock units and restricted stock units. The following is a reconciliation of the weighted-average common shares outstanding and calculation of basic and diluted net income per common share:


	Three Months Ended
	April 30,
	2026		2025
Net income	$	115,705	$	108,347

Basic weighted-average common shares outstanding		87,503,853		91,752,408
Effect of dilutive options, performance stock units and restricted stock units		1,297,993		1,723,427
Diluted weighted-average shares outstanding		88,801,846		93,475,835

Net income per common share:
Basic	$	1.32	$	1.18
Diluted	$	1.30	$	1.16

For the three months ended April 30, 2026 and 2025, there were no awards to purchase common shares that were excluded from the calculation of diluted net income per common share for which the impact would be anti-dilutive.

Excluded from the calculation of diluted net income per common share as of April 30, 2026 and April 30, 2025, were 166,454 and 209,248 performance-based equity awards, respectively, because they did not meet the required performance criteria.