Net Earnings Per Share

9 Months Ended

Apr. 30, 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 nine months ended April 30, 2015, there were 1,814,149 and 869,490 options excluded from the diluted net earnings per share calculation.  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. 

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,
	2015	2014	2015	2014
Weighted average shares - basic	137,247	145,311	138,272	146,544
Common share equivalents	1,541	2,028	1,740	2,065
Weighted average shares - diluted	138,788	147,339	140,012	148,609
Net earnings for basic and diluted earnings
per share computation	$             46,372	$             67,336	$           151,849	$           187,268
Net earnings per share - basic	$                 0.34	$                 0.46	$                 1.10	$                 1.28
Net earnings per share - diluted	$                 0.33	$                 0.46	$                 1.08	$                 1.26