Earnings Per Share

12 Months Ended

Jul. 31, 2022

Note 10. Earnings Per Share

Basic net earnings per share (EPS) is computed by dividing net earnings by the weighted average number of outstanding common shares. Diluted net EPS is computed by dividing net earnings by the weighted average number of outstanding common shares and common share equivalents relating to stock options and other stock incentive plans.

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


	Year Ended July 31,
	2022		2021		2020
Net earnings	$	332.8	$	286.9	$	257.0

Weighted average common shares outstanding
Weighted average common shares – basic	123.7		126.4		126.9
Dilutive impact of stock-based awards	1.5		1.8		1.4
Weighted average common shares – diluted	125.2		128.2		128.3

Net EPS – basic	$	2.69	$	2.27	$	2.03
Net EPS – diluted	$	2.66	$	2.24	$	2.00
Stock options excluded from net EPS calculation	1.6		0.8		1.7