Net Income Per Share

9 Months Ended

Apr. 30, 2013

Net Income Per Share

10. Net Income Per Share:

Basic net income per share is computed using the weighted average number of common shares outstanding during the period. Unvested restricted shares, although legally issued and outstanding, are not considered outstanding for purposes of calculating basic net income per share. Diluted net income per share is computed using the sum of the weighted average number of common shares outstanding during the period and, if dilutive, the weighted average number of potential shares of common stock, including unvested restricted stock awards and the assumed exercise of stock options using the treasury stock method. The calculation of basic and diluted net income per share is as follows:

	Three Months Ended April 30,				Nine Months Ended April 30,
	2013		2012		2013		2012
Net income	$	5,224	$	7,330	$	19,414	$	30,971
Weighted average number of common shares outstanding-basic		12,305		12,227		12,300		12,470
Effect of dilutive securities:
Stock options and RSUs		315		206		284		166
Weighted average number of common shares outstanding-diluted		12,620		12,433		12,584		12,636
Basic net income per share	$	0.42	$	0.60	$	1.58	$	2.48
Diluted net income per share	$	0.41	$	0.59	$	1.54	$	2.45
Anti-dilutive shares related to outstanding stock options and unvested RSUs (A)		107		151		102		224

(A) Certain outstanding stock options were not included in the computation of diluted income per share because the options’ exercise prices were greater than the average market price of the common stock and, therefore, the effect would be anti-dilutive. Certain RSUs were also excluded from the computation as their effect would be anti-dilutive. Performance based RSU’s that have not yet been earned have also been excluded from the computation of diluted income per share.