Earnings Per Share

9 Months Ended

Apr. 30, 2015

Earnings Per Share [Abstract]

Earnings Per Share

Note 6—Earnings Per Share

Basic earnings per share is computed by dividing net income 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,
	2015		2014		2015		2014
	(in thousands)
Basic weighted-average number of shares		23,034		22,680		22,867		21,763
Effect of dilutive securities:
Stock options		20		105		33		108
Non-vested restricted Class B common stock		414		238		359		1,022
Diluted weighted-average number of shares		23,468		23,023		23,259		22,893

The following outstanding stock options were excluded from the calculation of diluted earnings per share because the exercise price of the stock option was greater than the average market price of the Company’s stock during the period:

	Three Months Ended April 30,				Nine Months Ended April 30,
	2015		2014		2015		2014
	(in thousands)
Stock options excluded from the calculation of diluted earnings per share		15		98		166		61