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Net income per share
 12 Months Ended
Jul. 31, 2012
Net income per share

6. Net income per share:

Basic net income per share is computed using the weighted average number of common shares outstanding during the period. Diluted net income per share is computed using the sum of the weighted average number of common shares outstanding during the period and, if dilutive, the weighted average number of potential shares of common stock, including unvested restricted stock awards and the assumed exercise of stock options using the treasury stock method.

 

The following table sets forth the computation of basic and diluted net income per share for fiscal years 2012, 2011, and 2010:

 

     (In thousands, except per share data)  
     Year Ended July, 31  
     2012      2011      2010  

Income from continuing operations

    $ 43,071       $ 16,620       $ 15,799   

Income (loss) from discontinued operations, net of tax

      —           289         (244 ) 

Gain on disposal of discontinued operations, net of tax

      —           924         —     

 

  

Net income

    $ 43,071       $ 17,833       $ 15,555   

 

  

Weighted average number of common shares outstanding-basic

      12,265         12,491         12,584   

Effect of dilutive securities:

         

Stock options and restricted stock awards

      311         81         71   

 

  

Weighted average number of common shares outstanding-diluted

      12,576         12,572         12,655   

 

  

Basic net income (loss) per share:

         

 

  

Income from continuing operations

    $ 3.51       $ 1.33       $ 1.26   

Income (loss) from discontinued operations, net of tax

      —           0.02         (0.02 ) 

Gain on disposal of discontinued operations, net of tax

      —           0.08         —     

 

  

Basic net income per share

    $ 3.51       $ 1.43       $ 1.24   
   

Diluted net income (loss) per share:

         

 

  

Income from continuing operations

    $ 3.42       $ 1.33       $ 1.25   

Income (loss) from discontinued operations, net of tax

      —           0.02         (0.02 ) 

Gain on disposal of discontinued operations, net of tax

      —           0.07         —     

 

  

Diluted net income per share

    $ 3.42       $ 1.42       $ 1.23   

 

  

Anti-dilutive shares related to outstanding stock options and unvested restricted stock awards

      212         204         344   

Anti-dilutive shares related to outstanding stock options and restricted stock awards may become dilutive in future years.