Earnings (Loss) Per Share

9 Months Ended

Apr. 30, 2014

Earnings (Loss) Per Share [Abstract]

Earnings (Loss) Per Share

Note 4—Earnings (Loss) Per Share

Basic earnings (loss) per share is computed by dividing net income (loss) attributable to all classes of common stockholders of the Company by the weighted average number of shares of all classes of common stock outstanding during the applicable period. Diluted earnings per share is computed in the same manner as basic earnings per share, except that the number of shares is increased to include restricted stock still subject to risk of forfeiture and to assume exercise of potentially dilutive stock options using the treasury stock method, unless the effect of such increase is anti-dilutive.

The weighted-average number of shares used in the calculation of basic and diluted earnings per share attributable to the Company’s common stockholders consists of the following:

	Three Months Ended April 30,				Nine Months Ended April 30,
	2014		2013		2014		2013
	(in thousands)
Basic weighted-average number of shares		11,339		11,424		10,878		11,424
Effect of dilutive securities:
Stock options		7		—		—		—
Non-vested restricted Class B common stock		303		—		—		—
Diluted weighted-average number of shares		11,649		11,424		10,878		11,424

The following shares were excluded from the diluted loss per share computations because their inclusion would have been anti-dilutive:

	Three Months Ended April 30,				Nine Months Ended April 30,
	2014		2013		2014		2013
	(in thousands)
Stock options		—		—		30		—
Non-vested restricted Class B common stock		—		1,002		474		1,002
Shares excluded from the calculation of diluted loss per share		—		1,002		504		1,002

For the nine months ended April 30, 2014 and the three and nine months ended April 30, 2013, the diluted loss per share equals basic loss per share because the Company had a net loss and the impact of the assumed exercise of stock options and assumed vesting of restricted stock would have been anti-dilutive.