Net Income Per Share and Weighted Average Shares

6 Months Ended

Jan. 31, 2014

Net Income Per Share and Weighted Average Shares [Abstract]

Net Income Per Share and Weighted Average Shares

10. 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, nonvested stock awards and MSU Grants issued by the Company are calculated using the treasury stock method.  The Company’s outstanding stock options, nonvested stock awards and MSU Grants 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				Six Months Ended
	January 31, 2014		February 1, 2013		January 31, 2014		February 1, 2013
Net income per share numerator	$	37,055	$	35,168	$	64,215	$	58,360
Net income per share denominator:
Weighted average shares		23,812,777		23,711,235		23,815,107		23,644,405
Add potential dilution:
Stock options, nonvested stock awards and MSU Grants		157,834		234,001		132,743		222,026
Diluted weighted average shares		23,970,611		23,945,236		23,947,850		23,866,431