Earnings Per Common Share (Tables)

3 Months Ended

Oct. 31, 2015

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,
	2015			2014
Numerator for basic and diluted earnings per share:
Net income	$	14,254,000		$	11,239,000
Less income allocated to participating securities	(118,000		)	(130,000		)
Net income available to common shareholders	$	14,136,000		$	11,109,000
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	41,283,245			40,982,342
Dilutive effect of stock options using the treasury stock method and the average market price for the year	38,875			87,993
Denominator for diluted earnings per share - weighted average number of shares and common stock equivalents attributable to common stock	41,322,120			41,070,335
Earnings per share attributable to common stock:
Basic earnings per share	$	0.34		$	0.27
Diluted earnings per share	$	0.34		$	0.27
Stock options excluded from weighted average dilutive common shares outstanding because their inclusion would have been antidilutive	15,000			45,000

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,
	2015	2014
Denominator for diluted earnings per share - weighted average number of shares and common stock equivalents attributable to common stock	41,322,120	41,070,335
Participating securities	344,663	480,261
Total weighted average number of shares and common stock equivalents attributable to both common stock and participating securities	41,666,783	41,550,596