(Loss) Earnings Per Share

6 Months Ended

Jan. 31, 2016

(Loss) Earnings Per Share [Abstract]

(Loss) Earnings Per Share

Note 4—(Loss) Earnings Per Share

Basic (loss) earnings per share is computed by dividing net (loss) income 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 January 31,				Six Months Ended January 31,
	2016		2015		2016		2015
	(in thousands)
Basic weighted-average number of shares		11,854		11,420		11,832		11,409
Effect of dilutive securities:
Shares underlying stock options		—		—		—		7
Non-vested restricted Class B common stock		—		—		—		421
Diluted weighted-average number of shares		11,854		11,420		11,832		11,837

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

	Three Months Ended January 31,				Six Months Ended January 31,
	2016		2015		2016		2015
	(in thousands)
Stock options		6		7		4		—
Non-vested restricted Class B common stock		35		409		173		—
Shares excluded from the calculation of diluted (loss) earnings per share		41		416		177		—

For the three and six months ended January 31, 2016 and the three months ended January 31, 2015, 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.