Earnings Per Share

6 Months Ended

Jan. 31, 2020

Earnings Per Share [Abstract]

Earnings Per Share

Note 7—Earnings Per Share

Basic earnings per share is computed by dividing net 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, issuances to be made on the vesting of unvested DSUs and the 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 January 31,				Six Months Ended January 31,
	2020		2019		2020		2019
	(in thousands)
Basic weighted-average number of shares		10,229		10,051		10,212		10,038
Effect of dilutive securities:
Stock options		371		-		-		-
Non-vested restricted Class B common stock		3		-		-		-
Deferred stock units		12		-		-		-
Diluted weighted-average number of shares		10,615		10,051		10,212		10,038

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

	Three Months Ended January 31,				Six Months Ended January 31,
	2020		2019		2020		2019
	(in thousands)
Stock options		937		1,301		1,330		1,301
Non-vested restricted Class B common stock		141		253		172		253
Deferred stock units		-		-		93		-
Shares excluded from the calculation of diluted earnings per share		1,078		1,554		1,595		1,554

For the six months ended January 31, 2020, and the three and six months ended January 31, 2019, the diluted earnings per share equals basic earnings per share because the Company incurred a net loss during those periods and the impact of the assumed exercise of stock options and vesting of restricted stock would have been anti-dilutive.