Earnings Per Share

6 Months Ended

Jan. 31, 2017

Earnings Per Share [Abstract]

Earnings Per Share

Note 8—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,
	2017		2016		2017		2016
	(in thousands)
Basic weighted-average number of shares		22,768		22,799		22,740		22,867
Effect of dilutive securities:
Stock options		77		—		58		—
Non-vested restricted Class B common stock		118		—		133		17
Diluted weighted-average number of shares		22,963		22,799		22,931		22,884

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,
	2017		2016		2017		2016
	(in thousands)
Shares excluded from the calculation of diluted earnings per share		3		265		18		266