Net Income Per Common Share

9 Months Ended

Apr. 30, 2016

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 April 30,				Nine Months Ended April 30,
(in millions, except per share data and share data in thousands)	2016		2015		2016		2015
Net income	$	5.0	$	9.1	$	3.4	$	22.6
Weighted average number of common shares outstanding-basic		12,392		12,419		12,412		12,401
Effect of dilutive securities:
Stock options and restricted stock units		161		184		211		200

Weighted average number of common shares outstanding-diluted		12,553		12,603		12,623		12,601

Basic net income per share	$	0.40	$	0.73	$	0.27	$	1.82
Diluted net income per share	$	0.40	$	0.72	$	0.27	$	1.79
Anti-dilutive shares related to outstanding stock options and unvested restricted stock (A)		87		16		5		179

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