Note E – Net 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 equivalent shares 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 were greater than the average market price of the Company's common stock during those periods. For the three and nine months ended April 30, 2011, there were 79,243 options and 495,938 options excluded from the diluted net earnings per share calculation, respectively. For the three and nine months ended April 30, 2010, there were 293,816 options and 844,366 options excluded from the diluted net earnings per share calculation, respectively.

The following table presents information necessary to calculate basic and diluted net earnings per common share (thousands, except per share amounts):


	Three Months Ended April 30,				Nine Months Ended April 30,
	2011		2010		2011		2010
Weighted average shares - basic		77,326		77,873		77,358		78,002
Common share equivalents		1,378		1,350		1,404		1,331
Weighted average shares - diluted		78,704		79,223		78,762		79,333
Net earnings for basic and diluted earnings per share computation	$	61,811	$	49,458	$	159,524	$	114,993
Net earnings per share - basic	$	0.80	$	0.64	$	2.06	$	1.47
Net earnings per share - diluted	$	0.79	$	0.62	$	2.03	$	1.45