Earnings Per Share

3 Months Ended

Oct. 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 relating to stock options and stock incentive plans. Certain outstanding options were 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 the reporting periods. Options excluded from the diluted net earnings per share calculations were 1.7 million for the three months ended October 31, 2020 and 2019.

Basic and diluted net earnings per share calculations are as follows (in millions, except per share amounts):


	Three Months Ended October 31,
	2020		2019
Net earnings for basic and diluted earnings per share computation	$	61.9	$	65.0

Weighted average common shares outstanding:
Weighted average common shares – basic	126.8		126.9
Dilutive impact of share-based awards	1.2		1.7
Weighted average common shares – diluted	128.0		128.6

Net earnings per share – basic	$	0.49	$	0.51
Net earnings per share – diluted	$	0.48	$	0.51