Net income per share

12 Months Ended

Jul. 31, 2014

Net income per share

5. 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 and the assumed exercise of stock options using the treasury stock method. Options to purchase common shares with exercise prices that exceeded the market value of the underlying common stock are excluded from the computation of diluted earnings per share.

The following table sets forth the computation of basic and diluted net income per share for fiscal years 2014, 2013 and 2012:

	Years Ended July 31,
	2014		2013		2012
( in millions, except share data)
Net income	$	34.5	$	31.1	$	43.1
Weighted average number of common shares outstanding-basic (000’s)		12,404		12,247		12,265
Effect of dilutive securities:
Stock options and RSUs (000’s)		263		322		311
Weighted average number of common shares outstanding-diluted (000’s)		12,667		12,569		12,576
Basic net income per share:	$	2.78	$	2.54	$	3.51
Diluted net income per share	$	2.72	$	2.48	$	3.42
Anti-dilutive shares related to outstanding stock options and unvested restricted stock (000’s) (A)		118		105		212

(A) – These shares related to outstanding stock options and unvested restricted stock were not included in our calculations of diluted earnings per share, as the effect of including them would be anti-dilutive.