Earnings per Share

9 Months Ended

Apr. 30, 2013

Earnings Per Share [Abstract]

Earnings per Share

per Share

The following table sets forth the computation of the Company’s basic and diluted earnings per share for the three and nine months ended April 30, 2013 and 2012:

	Three Months Ended April 30,					Nine Months Ended April 30,
	2013			2012		2013		2012
	(in thousands, except share and per share amounts)
Numerator:
Net income (loss)	$	(2,670	)	$	3,149	$	3,278	$	11,652
Non-cumulative dividends to preferred stockholders	—			—		—		(1,574		)
Undistributed earnings allocated to preferred stockholders	—			—		—		(3,674		)
Net income (loss), basic	(2,670		)	3,149		3,278		6,404
Adjustments to net income for dilutive options and restricted stock options	—			—		—		390
Net income (loss), diluted	$	(2,670	)	$	3,149	$	3,278	$	6,794
Earnings per share:
Basic	$	(0.05	)	$	0.06	$	0.06	$	0.23
Diluted	$	(0.05	)	$	0.05	$	0.05	$	0.19
Denominator:
Weighted average shares used in computing earnings per share:
Basic	57,017,856			52,519,909		55,887,786		28,351,997
Weighted average effect of diluted stock options	—			5,310,277		3,659,929		4,168,638
Weighted average effect of dilutive restricted stock units	—			2,260,934		2,184,908		2,367,973
Weighted average effect of dilutive stock warrants (1)	—			36,310		—		39,821
Diluted	57,017,856			60,127,430		61,732,623		34,928,429

(1) Series C convertible preferred stock warrants were automatically converted to equivalent common stock warrants upon the Company’s IPO on January 24, 2012 and were converted to shares of common stock or cancelled as of April 30, 2012.

The following outstanding shares of common stock equivalents were excluded from the computation of diluted earnings per share for the periods presented because including them would have been antidilutive:

	Three Months Ended April 30,		Nine Months Ended April 30,
	2013	2012	2013	2012
Stock options to purchase common stock	4,411,791	5,645	302,144	434,724
Restricted stock units	4,391,477	2,431	46,971	59,276