Net Income Per Share and Weighted Average Shares

6 Months Ended

Jan. 27, 2017

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 units and MSU Grants issued by the Company are calculated using the treasury stock method.  The outstanding stock options, nonvested stock awards and units 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 27, 2017		January 29, 2016		January 27, 2017		January 29, 2016
Net income per share numerator	$	52,727	$	48,242	$	101,082	$	89,107
Net income per share denominator:
Weighted average shares		24,040,243		23,937,812		24,020,976		23,947,183
Add potential dilution:
Stock options, nonvested stock awards and MSU Grants		68,757		109,230		85,772		112,864
Diluted weighted average shares		24,109,000		24,047,042		24,106,748		24,060,047