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				Six Months Ended
	July 31,				July 31,
	2026		2025		2026		2025
Net income	$	240,651	$	143,865	$	356,356	$	252,212

Basic weighted-average common shares outstanding		85,633,607		89,667,451		86,553,213		90,692,646
Effect of dilutive options, performance stock units and restricted stock units		1,033,954		1,500,530		1,165,974		1,611,978
Diluted weighted-average shares outstanding		86,667,561		91,167,981		87,719,187		92,304,624

Net income per common share:
Basic	$	2.81	$	1.60	$	4.12	$	2.78
Diluted	$	2.78	$	1.58	$	4.06	$	2.73

For the three and six months ended July 31, 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 July 31, 2026 and July 31, 2025, were 166,454 and 209,248 performance-based equity awards, respectively, because they did not meet the required performance criteria.