Net Earnings Per Share

9 Months Ended

Apr. 30, 2014

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 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, 2014, there were 855,242 and 877,802 options excluded from the diluted net earnings per share calculation.  For the three and nine months ended April 30, 2013, there were 29,800 and 80,486 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		Nine Months Ended
	April 30,		April 30,
	2014	2013	2014	2013
Weighted average shares - basic	145,311	148,137	146,544	148,405
Common share equivalents	2,028	2,097	2,065	2,186
Weighted average shares - diluted	147,339	150,234	148,609	150,591
Net earnings for basic and diluted earnings
per share computation	$             67,336	$               69,842	$          187,268	$                174,768
Net earnings per share - basic	$                 0.46	$                   0.47	$                1.28	$                      1.18
Net earnings per share - diluted	$                 0.46	$                   0.46	$                1.26	$                      1.16