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Net Earnings Per Share
 3 Months Ended
Oct. 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 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 were greater than the average market price of the Company's common stock during those periods. For the three months ended October 31, 2012, there were 923,042 options excluded from the diluted net earnings per share calculation. For the three months ended October 31, 2011, there were 987,064 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,

 

 

 

2012

 

2011

 

Weighted average shares - basic*

 

 

149,149

 

 

150,514

 

Common share equivalents*

 

 

2,375

 

 

2,533

 

Weighted average shares - diluted*

 

 

151,524

 

 

153,047

 

Net earnings for basic and diluted earnings per share computation

 

$

54,113

 

$

68,553

 

Net earnings per share - basic*

 

$

0.36

 

$

0.46

 

Net earnings per share - diluted*

 

$

0.36

 

$

0.45

 


 

 

 

(*)

Prior year shares and per share amounts reflect the impact of the Company's two-for-one stock split that occurred during the third quarter of Fiscal 2012.