Earnings Per Common Share (Tables)

3 Months Ended

Oct. 31, 2013

Earnings Per Common Share

Schedule of computation of basic and diluted EPS available to stockholders of common stock (excluding participating securities)

	Three Months Ended
	October 31,
	2013			2012
Numerator for basic and diluted earnings per share:
Net income	$	11,185,000		$	9,576,000
Less income allocated to participating securities	(160,000		)	(157,000		)
Net income available to common stockholders	$	11,025,000		$	9,419,000
Denominator for basic and diluted earnings per share, as adjusted for participating securities:
Denominator for basic earnings per share - weighted average number of shares outstanding attributable to common stock	40,582,755			39,997,443
Dilutive effect of stock options using the treasury stock method and the average market price for the period	192,105			364,238
Denominator for diluted earnings per share - weighted average number of shares and common stock equivalents attributable to common stock	40,774,860			40,361,681
Earnings per share attributable to common stock:
Basic earnings per share	$	0.27		$	0.24
Diluted earnings per share	$	0.27		$	0.23
Stock options excluded from weighted average dilutive common shares outstanding because their inclusion would have been antidilutive	30,000			—

Schedule of reconciliation of weighted average number of shares and common stock equivalents attributable to common stock to the Company's total weighted average number of shares and common stock equivalents including participating securities

	Three Months Ended
	October 31,
	2013	2012
Denominator for diluted earnings per share - weighted average number of shares and common stock equivalents attributable to common stock	40,774,860	40,361,681
Participating securities	598,209	679,892
Total weighted average number of shares and common stock equivalents attributable to both common stock and participating securities	41,373,069	41,041,573