Earnings Per Share

9 Months Ended

Apr. 30, 2013

Earnings Per Share [Abstract]

Earnings Per Share

Note 7—Earnings Per Share

Basic earnings per share is computed by dividing net income (loss) attributable to all classes of common stockholders of the Company by the weighted average number of shares of all classes of common stock outstanding during the applicable period. Diluted earnings per share is computed in the same manner as basic earnings per share, except that the number of shares is increased to include restricted stock still subject to risk of forfeiture and to assume exercise of potentially dilutive stock options using the treasury stock method, unless the effect of such increase is anti-dilutive.

The weighted-average number of shares used in the calculation of basic and diluted earnings per share attributable to the Company’s common stockholders consists of the following:

	Three Months Ended April 30,				Nine Months Ended April 30,
	2013		2012		2013		2012
	(in thousands)
Basic weighted-average number of shares		20,905		21,041		20,847		20,633
Effect of dilutive securities:
Non-vested restricted Class B common stock		1,455		1,043		1,331		—
Diluted weighted-average number of shares		22,360		22,084		22,178		20,633

The following shares were excluded from the diluted earnings per share computations because their inclusion would have been anti-dilutive:

	Three Months Ended April 30,				Nine Months Ended April 30,
	2013		2012		2013		2012
	(in thousands)
Stock options		703		565		703		704
Non-vested restricted Class B common stock		—		—		—		1,758
Shares excluded from the calculation of diluted earnings per share		703		565		703		2,462

For the three months ended April 30, 2013 and 2012 and the nine months ended April 30, 2013, outstanding stock options for which the exercise price of the stock option was greater than the average market price of the Company’s stock during the period were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive. For the nine months ended April 30, 2012, the diluted earnings per share equals basic earnings per share because the Company had a loss from continuing operations and the impact of the assumed exercise of stock options and assumed vesting of restricted stock would have been anti-dilutive.