Net Income Per Share and Weighted Average Shares

3 Months Ended

Oct. 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 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
	October 31, 2014		November 1, 2013
Net income per share numerator	$	34,024	$	27,160
Net income per share denominator:
Weighted average shares		23,862,195		23,817,436
Add potential dilution:
Stock options, nonvested stock awards and MSU Grants		139,243		107,652
Diluted weighted average shares		24,001,438		23,925,088