Net Income Per Share and Weighted Average Shares

9 Months Ended

Apr. 27, 2012

Net Income Per Share and Weighted Average Shares [Abstract]

Net Income Per Share and Weighted Average Shares

14.           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 shares of common stock 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 shares of common stock were exercised or converted into shares of common stock and is based upon the weighted average number of shares of common stock 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 issued by the Company represent the only dilutive effects on diluted consolidated net income per share.

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

	Quarter Ended				Nine Months Ended
	April 27, 2012		April 29, 2011		April 27, 2012		April 29, 2011
Net income per share numerator	$	18,974	$	15,154	$	68,385	$	67,665
Net income per share denominator:
Weighted average shares		23,132,730		23,048,279		22,990,544		23,039,388
Add potential dilution:
Stock options and nonvested stock and stock awards		403,035		554,054		338,686		665,767
Diluted weighted average shares		23,535,765		23,602,333		23,329,230		23,705,155