Earnings Per Share

12 Months Ended

Jul. 31, 2020

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 1.7 million, 0.8 million and 0.1 million for the years ended July 31, 2020, 2019 and 2018, 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,
	2020		2019		2018
Net earnings for basic and diluted earnings per share computation	$	257.0	$	267.2	$	180.3

Weighted average common shares outstanding:
Weighted average common shares – basic	126.9		128.3		130.3
Dilutive impact of share-based awards	1.4		2.0		1.9
Weighted average common shares – diluted	128.3		130.3		132.2

Net earnings per share – basic	$	2.03	$	2.08	$	1.38
Net earnings per share – diluted	$	2.00	$	2.05	$	1.36