Earnings Per Share

6 Months Ended

Jan. 31, 2016

Earnings Per Share [Abstract]

Earnings Per Share

Note 7—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 January 31,				Six Months Ended January 31,
	2016		2015		2016		2015
		(in thousands)
Basic weighted-average number of shares		22,799		22,818		22,867		22,783
Effect of dilutive securities:
Stock options		—		52		—		40
Non-vested restricted Class B common stock		—		355		17		332
Diluted weighted-average number of shares		22,799		23,225		22,884		23,155

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 January 31,				Six Months Ended January 31,
	2016		2015		2016		2015
		(in thousands)
Shares excluded from the calculation of diluted earnings per share		265		16		266		42