Net Income (Loss) Per Share and Weighted Average Shares

9 Months Ended

Apr. 30, 2021

Net Income (Loss) Per Share and Weighted Average Shares [Abstract]

Net Income (Loss) Per Share and Weighted Average Shares

12. Net Income (Loss) 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 nonvested stock awards and units issued by the Company are calculated using the treasury stock method.  The outstanding nonvested stock awards and units 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 30, 2021		May 1, 2020			April 30, 2021		May 1, 2020
Net income (loss) per share numerator	$	33,470	$	(161,932	)	$	218,150	$	(57,541	)
Net income (loss) per share denominator:
Weighted average shares		23,725,185		23,777,916			23,718,777		23,922,360
Add potential dilution:
Nonvested stock awards and units		82,225		—			69,228		—
Diluted weighted average shares		23,807,410		23,777,916			23,788,005		23,922,360