Earnings Per Share

6 Months Ended

Jan. 31, 2022

Earnings Per Share [Abstract]

Earnings Per Share

Note 14— 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,
	2022		2021		2022		2021
	(in thousands)
Basic weighted-average number of shares		25,652		25,362		25,609		25,448
Effect of dilutive securities:
Stock options		715		9		711		4
Non-vested restricted Class B common stock		175		342		260		335
Diluted weighted-average number of shares		26,542		25,713		26,580		25,787

The following shares were excluded from the calculation of diluted earnings per share:

	Three Months Ended January 31,				Six Months Ended January 31,
	2022		2021		2022		2021
	(in thousands)
Stock options		—		1,035		—		1,070
Non-vested restricted Class B common stock		—		—		—		—
Shares excluded from the calculation of diluted earnings per share		—		1,035		—		1,070

Stock options with an exercise price that was greater than the average market price of the Company’s common stock in the three and six months ended January 31, 2021 were excluded from the calculation of diluted earnings per share.