Earnings Per Common Share (Tables)

6 Months Ended

Jan. 31, 2017

Earnings Per Common Share

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

	Three Months Ended				Six Months Ended
	January 31,				January 31,
	2017		2016		2017		2016
Numerator for basic and diluted earnings per share:
Net income	$	18,070,000	$	15,389,000	$	36,870,000	$	29,643,000
Less income allocated to participating securities		(103,000)		(126,000)		(237,000)		(244,000)
Net income available to common shareholders	$	17,967,000	$	15,263,000	$	36,633,000	$	29,399,000
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		41,485,557		41,360,279		41,444,304		41,321,762
Dilutive effect of stock options using the treasury stock method and the average market price for the year		74,582		44,096		73,279		42,727
Denominator for diluted earnings per share - weighted average number of shares and common stock equivalents attributable to common stock		41,560,139		41,404,375		41,517,583		41,364,489
Earnings per share attributable to common stock:
Basic earnings per share	$	0.43	$	0.37	$	0.88	$	0.71
Diluted earnings per share	$	0.43	$	0.37	$	0.88	$	0.71
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		Six Months Ended
	January 31,		January 31,
	2017	2016	2017	2016
Denominator for diluted earnings per share - weighted average number of shares and common stock equivalents attributable to common stock	41,560,139	41,404,375	41,517,583	41,364,489
Participating securities	233,128	343,346	271,408	344,004
Total weighted average number of shares and common stock equivalents attributable to both common stock and participating securities	41,793,267	41,747,721	41,788,991	41,708,493