Net Income Per Common Share

6 Months Ended

Jan. 31, 2016

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					Six Months Ended
	January 31,					January 31,
(in millions, except per share data and share data in thousands)	2016			2015		2016			2015
Net (loss) income	$	(3.0	)	$	9.8	$	(1.6	)	$	13.5
Weighted average number of common shares outstanding-basic		12,418			12,378		12,422			12,393
Effect of dilutive securities:
Stock options and restricted stock units		—			180		—			195
Weighted average number of common shares outstanding-diluted		12,418			12,558		12,422			12,588
Basic net (loss) income per share	$	(0.24	)	$	0.79	$	(0.13	)	$	1.09
Diluted net (loss) income per share	$	(0.24	)	$	0.78	$	(0.13	)	$	1.07
Anti-dilutive shares related to outstanding stock options and unvested restricted stock (A)		326			194		357			192

(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.