Earnings Per Share

12 Months Ended

Jul. 31, 2016

The Company’s basic net earnings per share is computed by dividing net earnings by the weighted average number of common shares outstanding. The Company’s diluted net earnings per share is computed by dividing net earnings by the weighted average number of common shares outstanding and common share equivalents related to stock options and stock incentive plans. Certain outstanding options are excluded from the diluted net earnings per share calculations because their exercise prices are greater than the average market price of the Company’s common stock during those periods. There were 3,164,159 options, 977,824 options, and 884,138 options excluded from the diluted net earnings per share calculation for the years ended July 31, 2016, 2015 and 2014, respectively.

The following table presents the information necessary to calculate basic and diluted earnings per share (in millions, except per share amounts):



	Year Ended July 31,
	2016		2015		2014
Weighted average common shares – basic	133.8		137.8		145.6
Diluted share equivalents	1.0		1.6		2.0
Weighted average common shares – diluted	134.8		139.4		147.6

Net earnings for basic and diluted earnings per share computation	$	190.8	$	208.1	$	260.2
Net earnings per share:
Basic	$	1.43	$	1.51	$	1.79
Diluted	$	1.42	$	1.49	$	1.76