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 per share data and share data in thousands)	2018		2017			2018		2017
Net income (loss)	$	7.1	$	(59.7	)	$	19.3	$	(49.6	)
Weighted average number of common shares outstanding-basic		12,503		12,486			12,489		12,457
Effect of dilutive securities:
Stock options and restricted stock units		130		-			128		-
Weighted average number of common shares outstanding-diluted		12,633		12,486			12,617		12,457
Basic net income (loss) per share	$	0.57	$	(4.78	)	$	1.55	$	(3.98	)
Diluted net income (loss) per share	$	0.56	$	(4.78	)	$	1.53	$	(3.98	)
Anti-dilutive shares related to outstanding stock options and unvested restricted stock (A)		-		242			2		228

(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.