Earnings Per Common Share (Tables)

9 Months Ended

Apr. 30, 2016

Earnings Per Common Share

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

	Three Months Ended				Nine Months Ended
	April 30,				April 30,
	2016		2015		2016		2015
Numerator for basic and diluted earnings per share:
Net income	$	14,019,000	$	12,356,000	$	43,662,000	$	34,680,000
Less income allocated to participating securities		(115,000)		(105,000)		(359,000)		(323,000)
Net income available to common shareholders	$	13,904,000	$	12,251,000	$	43,303,000	$	34,357,000
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		41,363,548		41,187,720		41,335,488		41,114,830
Dilutive effect of stock options using the treasury stock method and the average market price for the year		47,164		60,837		44,817		68,479
Denominator for diluted earnings per share - weighted average number of shares and common stock equivalents attributable to common stock		41,410,712		41,248,557		41,380,305		41,183,309
Earnings per share attributable to common stock:
Basic earnings per share	$	0.34	$	0.30	$	1.05	$	0.84
Diluted earnings per share	$	0.34	$	0.30	$	1.05	$	0.83
Stock options excluded from weighted average dilutive common shares outstanding because their inclusion would have been antidilutive		—		—		—		—

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		Nine Months Ended
	April 30,		April 30,
	2016	2015	2016	2015
Denominator for diluted earnings per share - weighted average number of shares and common stock equivalents attributable to common stock	41,410,712	41,248,557	41,380,305	41,183,309
Participating securities	340,708	342,850	342,746	390,449
Total weighted average number of shares and common stock equivalents attributable to both common stock and participating securities	41,751,420	41,591,407	41,723,051	41,573,758