Net Income Per Share and Weighted Average Shares

9 Months Ended

Apr. 28, 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				Nine Months Ended
	April 28, 2017		April 29, 2016		April 28, 2017		April 29, 2016
Net income per share numerator	$	46,924	$	49,169	$	148,006	$	138,276
Net income per share denominator:
Weighted average shares		24,042,573		23,941,188		24,028,175		23,945,184
Add potential dilution:
Stock options, nonvested stock awards and MSU Grants		78,630		132,590		83,578		119,440
Diluted weighted average shares		24,121,203		24,073,778		24,111,753		24,064,624