Earnings Per Common Share (Tables)

3 Months Ended

Oct. 31, 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
	October 31,
	2016		2015
Numerator for basic and diluted earnings per share:
Net income	$	18,800,000	$	14,254,000
Less income allocated to participating securities		(134,000)		(118,000)
Net income available to common shareholders	$	18,666,000	$	14,136,000
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		41,403,050		41,283,245
Dilutive effect of stock options using the treasury stock method and the average market price for the year		72,015		38,875
Denominator for diluted earnings per share - weighted average number of shares and common stock equivalents attributable to common stock		41,475,065		41,322,120
Earnings per share attributable to common stock:
Basic earnings per share	$	0.45	$	0.34
Diluted earnings per share	$	0.45	$	0.34
Stock options excluded from weighted average dilutive common shares outstanding because their inclusion would have been antidilutive		—		15,000

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,
	2016	2015
Denominator for diluted earnings per share - weighted average number of shares and common stock equivalents attributable to common stock	41,475,065	41,322,120
Participating securities	309,831	344,663
Total weighted average number of shares and common stock equivalents attributable to both common stock and participating securities	41,784,896	41,666,783