Net Earnings Per Share

9 Months Ended

Apr. 30, 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 nine months ended April 30, 2013, there were 29,800 options and 80,486 options excluded from the diluted net earnings per share calculation, respectively. For the three and nine months ended April 30, 2012, there were 11,606 options and 1,061,741 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,
	2013		2012		2013		2012
Weighted average shares - basic		148,137		150,537		148,405		150,385
Common share equivalents		2,097		2,670		2,186		2,682
Weighted average shares - diluted		150,234		153,207		150,591		153,067
Net earnings for basic and diluted earnings
per share computation	$	69,842	$	70,946	$	174,768	$	193,320
Net earnings per share - basic	$	0.47	$	0.47	$	1.18	$	1.29
Net earnings per share - diluted	$	0.46	$	0.46	$	1.16	$	1.26