12.	Net Income Per Share and Weighted Average Shares

Basic consolidated net income per share is computed by dividing consolidated net income available to common shareholders by the weighted average number of common shares outstanding for the reporting period. Diluted consolidated net income per share reflects the potential dilution that could occur if securities, options or other contracts to issue common stock were exercised or converted into common stock and is based upon the weighted average number of common and common equivalent shares outstanding during the reporting period. Common equivalent shares related to stock options and nonvested stock and stock awards issued by the Company are calculated using the treasury stock method. The Company's outstanding stock options and nonvested stock and stock awards represent the only dilutive effects on diluted consolidated net income per share.

The following table reconciles the components of the diluted earnings per share computations:

	Quarter Ended				Nine Months Ended
	April 29,		April 30,		April 29,		April 30,
	2011		2010		2011		2010
Net income per share numerator	$	15,154	$	14,428	$	67,665	$	57,845

Net income per share denominator:
Weighted average shares		23,048,279		23,198,505		23,039,388		22,934,732
Add potential dilution:
Stock options and nonvested stock and stock awards		554,054		604,493		665,767		510,822
Diluted weighted average shares		23,602,333		23,802,998		23,705,155		23,445,554