Net Income Per Common Share

9 Months Ended

Apr. 30, 2015

Net Income Per Common Share

13. Net Income Per Common 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.

Basic and diluted net income per share are calculated as follows:

	Three Months Ended				Nine Months Ended
	April 30,				April 30,
(in millions, except share data)	2015		2014		2015		2014
Net income	$	9.1	$	7.8	$	22.6	$	23.3
Weighted average number of common shares outstanding-basic (000’s)		12,419		12,403		12,401		12,421
Effect of dilutive securities:
Stock options and restricted stock units (000’s)		184		244		200		258
Weighted average number of common shares outstanding-diluted (000’s)		12,603		12,647		12,601		12,679
Basic net income per share	$	0.73	$	0.63	$	1.82	$	1.88
Diluted net income per share	$	0.72	$	0.62	$	1.79	$	1.84
Anti-dilutive shares related to outstanding stock options and unvested restricted stock (000’s)		16		123		179		109