Net Earnings Per Share

9 Months Ended

Apr. 30, 2012

Net Earnings Per Share [Abstract]

Net Earnings Per Share

Note E – Net Earnings Per Share

The Company's basic net earnings per share is computed by dividing net earnings by the weighted average number of outstanding common shares. The Company's diluted net earnings per share is computed by dividing net earnings by the weighted average number of outstanding common shares and common equivalent shares relating to stock options and stock incentive plans. Certain outstanding options were excluded from the diluted net earnings per share calculations because their exercise prices were greater than the average market price of the Company's common stock during those periods. For the three and nine months ended April 30, 2012, there were 11,606 options and 1,061,741 options excluded from the diluted net earnings per share calculation, respectively. For the three and nine months ended April 30, 2011, there were 158,486 options and 991,876 options excluded from the diluted net earnings per share calculation, respectively.

The following table presents information necessary to calculate basic and diluted net earnings per common share (thousands, except per share amounts):

	Three Months Ended April 30,				Nine Months Ended April 30,
	2012		2011		2012		2011
Weighted average shares - basic*		150,537		154,651		150,385		154,717
Common share equivalents*		2,670		2,757		2,682		2,808
Weighted average shares - diluted*		153,207		157,408		153,067		157,525
Net earnings for basic and diluted earnings per share computation	$	70,946	$	61,811	$	193,320	$	159,524
Net earnings per share - basic*	$	0.47	$	0.40	$	1.29	$	1.03
Net earnings per share - diluted*	$	0.46	$	0.39	$	1.26	$	1.01

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* Current and prior year shares and per share amounts reflect the impact of the Company's two-for-one stock split that occurred March 23, 2012.