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Net Income per Common Share
 12 Months Ended
Jul. 31, 2013
Earnings Per Share [Abstract]  
Net Earnings per Common Share
Net (Loss) Earnings per Common Share
Net (loss) earnings per common share is computed by dividing net (loss) earnings (after deducting restricted stock dividends and the applicable preferential Class A Common Stock dividends) by the weighted average Common Shares outstanding of 51,329,949 for 2013, 52,453,285 for 2012, 52,639,355 for 2011. The Company utilizes the two-class method to calculate earnings per share.
In June 2008, the Financial Accounting Standards Board (“FASB”) issued accounting guidance addressing whether instruments granted in share-based payment transactions are participating securities prior to vesting, and therefore need to be included in the earnings allocation in computing earnings per share. This guidance requires that all outstanding unvested share-based payment awards that contain rights to non-forfeitable dividends be considered participating securities in undistributed earnings with common shareholders. The Company adopted the guidance during the first quarter of fiscal 2010. As a result, the dividends on the Company’s performance-based restricted shares are reconciling items in the basic and diluted earnings per share calculations for the respective periods presented.







Reconciliations of the numerator and denominator of the basic and diluted per share computations for the Company’s Class A and Class B common stock are summarized as follows:
 
Years ended July 31,
 
2013
 
2012
 
2011
 
Numerator: (in thousands)
 
 
 
 
 
 
(Loss) earnings from continuing operations
$
(140,816
)
 
$
102,471

 
$
105,957

 
Less:
 
 
 
 
 
 
Restricted stock dividends
(238
)
 
(229
)
 
(223
)
 
Numerator for basic and diluted earnings from continuing operations per Class A Nonvoting Common Share
$
(141,054
)
 
$
102,242

 
$
105,734

 
Less:
 
 
 
 
 
 
Preferential dividends
(797
)
 
(818
)
 
(820
)
 
Preferential dividends on dilutive stock options
(5
)
 
(5
)
 
(6
)
 
Numerator for basic and diluted earnings from continuing operations per Class B Voting Common Share
$
(141,856
)
 
$
101,419

 
$
104,908

 
Denominator: (in thousands)
 
 
 
 
 
 
Denominator for basic earnings from continuing operations per share for both Class A and Class B
51,330

 
52,453

 
52,639

 
Plus: Effect of dilutive stock options
—

 
368

 
494

 
Denominator for diluted earnings from continuing operations per share for both Class A and Class B
51,330

 
52,821

 
53,133

 
(Loss) earnings from continuing operations per Class A Nonvoting Common Share:
 
 
 
 
 
 
Basic
$
(2.75
)
 
$
1.95

 
$
2.01

 
Diluted
$
(2.75
)
 
$
1.94

 
$
1.99

 
(Loss) earnings from continuing operations per Class B Voting Common Share:
 
 
 
 
 
 
Basic
$
(2.76
)
 
$
1.93

 
$
1.99

 
Diluted
$
(2.76
)
 
$
1.92

 
$
1.97

 
(Loss) earnings from discontinued operations per Class A Nonvoting Common Share:
 
 
 
 
 
 
Basic
$
(0.27
)
 
$
(2.30
)
 
$
0.05

 
Diluted
$
(0.27
)
 
$
(2.29
)
 
$
0.05

 
(Loss) earnings from discontinued operations per Class B Voting Common Share:
 
 
 
 
 
 
Basic
$
(0.27
)
 
$
(2.29
)
 
$
0.05

 
Diluted
$
(0.27
)
 
$
(2.28
)
 
$
0.05

 
Net (loss) earnings per Class A Nonvoting Common Share:
 
 
 
 
 
 
Basic
$
(3.02
)
 
$
(0.35
)
 
$
2.06

 
Diluted
$
(3.02
)
 
$
(0.35
)
 
$
2.04

 
Net (loss) earnings per Class B Voting Common Share:
 
 
 
 
 
 
Basic
$
(3.03
)
 
$
(0.36
)
 
$
2.04

 
Diluted
$
(3.03
)
 
$
(0.36
)
 
$
2.03

 

In accordance with ASC 260, “Earnings per Share,” dilutive options were not included in the computation of diluted loss per share for fiscal 2013 since to do so would be anti-dilutive.
Options to purchase approximately 3,760,098, 4,592,486 and 3,049,611 shares of Class A Nonvoting Common Stock for fiscal years ended July 31, 2013, 2012, and 2011, respectively, were not included in the computation of diluted net earnings (loss) per share as the impact of the inclusion of the options would have been anti-dilutive.