Earnings Per Common Share

9 Months Ended

Apr. 30, 2012

Earnings Per Common Share [Abstract]

Earnings Per Common Share

4. Earnings Per Common Share

	Three Months Ended April 30,				Nine Months Ended April 30,
	2012		2011		2012		2011
Weighted average common shares outstanding for basic earnings per share		52,879,877		55,829,122		54,162,411		55,079,700
Stock options		90,480		112,267		50,252		105,481
Weighted average common shares outstanding for diluted earnings per share		52,970,357		55,941,389		54,212,663		55,185,181

The Company excludes stock options that have an antidilutive effect from its calculation of weighted average shares outstanding assuming dilution. At April 30, 2012 and 2011, the Company had 400,000 and 886,000 respectively, of antidilutive stock options outstanding, which were excluded from this calculation.