Net Earnings Per Share

6 Months Ended

Jan. 31, 2016

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, 2016, there were 4,219,359 and 3,422,591, respectively, options excluded from diluted net earnings per share calculation. For the three and six months ended January 31, 2015, there were 874,222 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 (millions of dollars except per share amounts):



	Three Months Ended January 31,				Six Months Ended January 31,
	2016		2015		2016		2015
Weighted average shares - basic	133.7		138.0		133.8		138.8
Common share equivalents	0.7		1.7		0.9		1.8
Weighted average shares - diluted	134.4		139.7		134.7		140.6
Net earnings for basic and diluted earnings per share computation	$	38.0	$	48.0	$	76.5	$	103.9
Net earnings per share - basic	$	0.28	$	0.35	$	0.57	$	0.75
Net earnings per share - diluted	$	0.28	$	0.34	$	0.57	$	0.74