Earnings Per Common Share

Basic EPS is computed based upon the weighted average number of common shares outstanding for the year. Diluted EPS is computed based upon the weighted average number of common shares outstanding for the year plus the dilutive effect of common stock equivalents using the treasury stock method and the average market price of our common stock for the year. We include participating securities (nonvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents) in the computation of EPS pursuant to the two-class method. Our participating securities consist solely of nonvested restricted stock awards, which have contractual participation rights equivalent to those of stockholders of unrestricted common stock. The two-class method of computing earnings per share is an allocation method that calculates earnings per share for common stock and participating securities.

The following table sets forth the computation of basic and diluted EPS available to stockholders of common stock (excluding participating securities):



	Three Months Ended April 30,						Nine Months Ended April 30,
	2019			2018			2019			2018
Numerator for basic and diluted earnings per share:
Net income	$	8,175		$	18,736		$	46,217		$	74,153
Less income allocated to participating securities	(5		)	(59		)	(51		)	(281		)
Net income available to common shareholders	$	8,170		$	18,677		$	46,166		$	73,872
Denominator for basic and diluted earnings per share, adjusted for participating securities:
Denominator for basic earnings per share - weighted average number of shares outstanding attributable to common stock	41,720,733			41,580,387			41,685,623			41,559,312
Dilutive effect of stock awards using the treasury stock method and the average market price for the year	38,705			69,134			40,608			63,642
Denominator for diluted earnings per share - weighted average number of shares and common stock equivalents attributable to common stock	41,759,438			41,649,521			41,726,231			41,622,954
Earnings per share attributable to common stock:
Basic earnings per share	$	0.20		$	0.45		$	1.11		$	1.78
Diluted earnings per share	$	0.20		$	0.45		$	1.11		$	1.77
Stock options excluded from weighted average dilutive common shares because their inclusion would have been anti-dilutive	—			—			—			—

A reconciliation of weighted average number of shares and common stock equivalents attributable to common stock, as determined above, to our total weighted average number of shares and common stock equivalents, including participating securities, is set forth in the following table:



	Three Months Ended April 30,		Nine Months Ended April 30,
	2019	2018	2019	2018
Denominator for diluted earnings per share - weighted average number of shares and common stock equivalents attributable to common stock	41,759,438	41,649,521	41,726,231	41,622,954
Participating securities	25,002	133,954	45,485	159,932
Total weighted average number of shares and common stock equivalents attributable to both common stock and participating securities	41,784,440	41,783,475	41,771,716	41,782,886