Net Earnings Per Share

6 Months Ended

Jan. 31, 2015

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 six months ended January 31, 2015, there were 874,222 options excluded from the diluted net earnings per share calculation.  For the three and six months ended January 31, 2014, there were 822,500 and 835,328 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		Six Months Ended
	January 31,		January 31,
	2015	2014	2015	2014
Weighted average shares - basic	137,955	146,957	138,768	147,140
Common share equivalents	1,706	2,065	1,820	2,064
Weighted average shares - diluted	139,661	149,022	140,588	149,204
Net earnings for basic and diluted earnings
per share computation	$             49,530	$             58,340	$           105,477	$           119,932
Net earnings per share - basic	$                 0.36	$                 0.40	$                 0.76	$                 0.82
Net earnings per share - diluted	$                 0.35	$                 0.39	$                 0.75	$                 0.80