Earnings Per Common Share (Tables)

9 Months Ended

Apr. 30, 2015

Earnings Per Common Share

Schedule of computation of basic and diluted EPS available to stockholders of common stock (excluding participating securities)

	Three Months Ended						Nine Months Ended
	April 30,						April 30,
	2015			2014			2015			2014
Numerator for basic and diluted earnings per share:
Net income	$	12,356,000		$	10,249,000		$	34,680,000		$	32,560,000
Less income allocated to participating securities	(105,000		)	(135,000		)	(323,000		)	(444,000		)
Net income available to common stockholders	$	12,251,000		$	10,114,000		$	34,357,000		$	32,116,000
Denominator for basic and diluted earnings per share, as adjusted for participating securities:
Denominator for basic earnings per share - weighted average number of shares outstanding attributable to common stock	41,187,720			40,813,778			41,114,830			40,716,018
Dilutive effect of stock options using the treasury stock method and the average market price for the period	60,837			143,319			68,479			174,107
Denominator for diluted earnings per share - weighted average number of shares and common stock equivalents attributable to common stock	41,248,557			40,957,097			41,183,309			40,890,125
Earnings per share attributable to common stock:
Basic earnings per share	$	0.30		$	0.25		$	0.84		$	0.79
Diluted earnings per share	$	0.30		$	0.25		$	0.83		$	0.79
Stock options excluded from weighted average dilutive common shares outstanding because their inclusion would have been antidilutive	—			30,000			—			—

Schedule of reconciliation of weighted average number of shares and common stock equivalents attributable to common stock to the Company's total weighted average number of shares and common stock equivalents including participating securities

	Three Months Ended		Nine Months Ended
	April 30,		April 30,
	2015	2014	2015	2014
Denominator for diluted earnings per share - weighted average number of shares and common stock equivalents attributable to common stock	41,248,557	40,957,097	41,183,309	40,890,125
Participating securities	342,850	544,752	390,449	566,545
Total weighted average number of shares and common stock equivalents attributable to both common stock and participating securities	41,591,407	41,501,849	41,573,758	41,456,670