Net Earnings Per Share

6 Months Ended

Jan. 31, 2013

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 and six months ended January 31, 2013, there were 1,171,544 options and 900,492 options excluded from the diluted net earnings per share calculation, respectively. For the three and six months ended January 31, 2012, there were 1,044,372 options and 1,053,830 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,
	2013		2012		2013		2012
Weighted average shares - basic*		147,952		150,106		148,531		150,310
Common share equivalents*		2,037		2,720		2,211		2,651
Weighted average shares - diluted*		149,989		152,826		150,742		152,961
Net earnings for basic and diluted earnings
per share computation	$	50,813	$	53,821	$	104,926	$	122,374
Net earnings per share - basic*	$	0.34	$	0.36	$	0.71	$	0.82
Net earnings per share - diluted*	$	0.34	$	0.35	$	0.70	$	0.80

(*) 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.