Net income per share

12 Months Ended

Jul. 31, 2015

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 2015, 2014 and 2013:


	For the Year ended July 31,
(in millions, except per share data and share data in thousands)	2015		2014		2013
Net income	$	33.5	$	34.5	$	31.1
Weighted average number of common shares outstanding-basic		12,407		12,404		12,247
Effect of dilutive securities:
Stock options and restricted stock units		199		263		322

Weighted average number of common shares outstanding-diluted		12,606		12,667		12,569

Basic net income per share	$	2.70	$	2.78	$	2.54
Diluted net income per share	$	2.66	$	2.72	$	2.48
Anti-dilutive shares related to outstanding stock options and unvested restricted stock (A)		176		118		105

(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.