Earnings Per Share

The Company’s basic net earnings per share is computed by dividing net earnings by the weighted average number of outstanding common shares. The Company’s diluted net earnings per share is computed by dividing net earnings by the weighted average number of outstanding common shares and common share equivalents related to stock options and stock incentive plans. Certain outstanding options are excluded from the diluted net earnings per share calculations because their exercise prices are greater than the average market price of the Company’s common stock during those periods. Options excluded from the diluted net earnings per share calculation were 1,030,050, 3,164,159 and 977,824 for the years ended July 31, 2017, 2016 and 2015, respectively.

The following table presents the information necessary to calculate basic and diluted earnings per share (in millions, except per share amounts):



	Year Ended July 31,
	2017		2016		2015
Net earnings for basic and diluted earnings per share computation	$	232.8	$	190.8	$	208.1

Weighted average common shares – basic	132.6		133.8		137.8
Dilutive impact of stock-based awards	1.5		1.0		1.6
Weighted average common shares – diluted	134.1		134.8		139.4

Net earnings per share:
Basic	$	1.76	$	1.43	$	1.51
Diluted	$	1.74	$	1.42	$	1.49