Earnings (Loss) Per Share

9 Months Ended

Apr. 30, 2015

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 would be anti-dilutive. The following table summarizes the components of the earnings (loss) per common share calculation:

	Three Months Ended April 30,				Nine Months Ended April 30,
	2015		2014		2015		2014
	(in thousands)
Basic weighted-average number of shares		11,449		11,339		11,426		10,878
Effect of dilutive securities:
Shares underlying stock options		5		7		6		—
Non-vested restricted Class B common stock		425		303		405		—
Diluted weighted-average number of shares		11,879		11,649		11,837		10,878

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

	Three Months Ended April 30,				Nine Months Ended April 30,
	2015		2014		2015		2014
	(in thousands)
Stock options		—		—		—		30
Non-vested restricted Class B common stock		—		—		—		474
Shares excluded from the calculation of diluted earnings (loss) per share		—		—		—		504

For the nine months ended April 30, 2014, 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.