Net Earnings Per Share

3 Months Ended

Oct. 31, 2014

Net Earnings Per Share [Abstract]

Net Earnings Per Share

Note D – Net Earnings Per Share

The Company’s basic net earnings per share are computed by dividing net earnings by the weighted average number of outstanding common shares.  The Company’s diluted net earnings per share are 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, 2014 and 2013, there were 884,900 options and 9,935 options, respectively, 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,
	2014	2013
Weighted average shares - basic	139,581	147,323
Common share equivalents	1,899	2,038
Weighted average shares - diluted	141,480	149,361
Net earnings for basic and diluted earnings
per share computation	$           55,947	$            61,592
Net earnings per share - basic	$               0.40	$                0.42
Net earnings per share - diluted	$               0.40	$                0.41