Net Earnings Per Share

3 Months Ended

Oct. 31, 2013

Net Earnings Per Share [Abstract]

Net Earnings Per Share

Note D – 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 equivalentsrelating 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, 2013, there were 9,935 options excluded from the diluted net earnings per share calculation.  For the three months ended October  31,  2012, there were 923,042options 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,
	2013	2012
Weighted average shares - basic	147,323	149,149
Common share equivalents	2,038	2,375
Weighted average shares - diluted	149,361	151,524
Net earnings for basic and diluted earnings
per share computation	$           61,592	$                  54,113
Net earnings per share - basic	$               0.42	$                      0.36
Net earnings per share - diluted	$               0.41	$                      0.36