Net Earnings Per Share

3 Months Ended

Oct. 31, 2011

Net Earnings Per Share [Abstract]

Net Earnings Per Share

Note D – Net Earnings Per Share

          The Company's basic net earnings per share are 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 months ended October 31, 2011, there were 493,532 options excluded from the diluted net earnings per share calculation. For the three months ended October 31, 2010, there were 188,536 options excluded from the diluted net earnings per share calculation.

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

	Three Months Ended October 31,
	2011		2010
Weighted average shares - basic		75,257		77,169
Common share equivalents		1,267		1,315
Weighted average shares - diluted		76,524		78,484
Net earnings for basic and diluted earnings per share computation	$	68,553	$	53,134
Net earnings per share - basic	$	0.91	$	0.69
Net earnings per share - diluted	$	0.90	$	0.68