Net Earnings Per Share

6 Months Ended

Jan. 31, 2012

Net Earnings Per Share [Abstract]

Net Earnings Per Share

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 six months ended January 31, 2012, there were 522,186 options and 526,915 options excluded from the diluted net earnings per share calculation, respectively. For the three and six months ended January 31, 2011, there were 495,533 options and 505,396 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 January 31,				Six Months Ended January 31,
	2012		2011		2012		2011
Weighted average shares - basic		75,053		77,580		75,155		77,375
Common share equivalents		1,360		1,398		1,326		1,392
Weighted average shares - diluted		76,413		78,978		76,481		78,767
Net earnings for basic and diluted earnings per share computation	$	53,821	$	44,579	$	122,374	$	97,713
Net earnings per share - basic	$	0.72	$	0.57	$	1.63	$	1.26
Net earnings per share - diluted	$	0.70	$	0.56	$	1.60	$	1.24