Earnings Per Share

6 Months Ended

Jan. 31, 2026

EARNINGS PER SHARE

We utilize the two-class method to report our earnings per share ("EPS"). The two-class method is an earnings allocation formula that determines EPS for each class of common stock according to dividends declared and participation rights in undistributed earnings. Common Stock is entitled to cash dividends equal to at least 133.33% on a per share basis of the cash dividend paid on Class B Stock. In computing EPS, the Company has allocated dividends declared to shares of Common Stock and Class B Stock based on amounts declared for each class of stock and 33.33% more of the undistributed earnings have been allocated to shares of Common Stock than to shares of Class B Stock on a per share basis. Common Stock is entitled to one vote per share and Class B Stock is entitled to ten votes per share. Common Stock have no conversion rights. Class B Stock is convertible by the holders thereof on a share-by-share basis into Common Stock at any time and is subject to mandatory conversion under certain circumstances. Basic EPS is computed by dividing net earnings, reduced for any distributed and undistributed earnings allocated to unvested restricted shares, by the weighted-average number of shares outstanding during the period for each class of common stock. Diluted EPS for Common Stock is derived utilizing the most dilutive result of the if-converted, treasury stock and two-class methods. In our case, the if-converted method is more dilutive than the two-class method and because our unvested restricted stock participates in dividends and is therefore anti-dilutive the treasury stock method does not apply. For Class B Stock, diluted EPS is derived utilizing the two-class method since, as with our Common Stock, our unvested restricted stock participates in dividends and is therefore anti-dilutive, making the treasury stock method inapplicable. The reverse treasury stock method is also inapplicable to both classes as we have no obligation to repurchase our Common Stock or Class B Stock. In both the if-converted and two-class methods, diluted EPS is computed by dividing net earnings by the weighted-average number of shares and potential shares outstanding during the period, taking into consideration different potential shares outstanding based on the method used. Dilution for Common Stock takes into consideration the effect of both unvested restricted shares and convertible shares of Class B Stock, unless such shares are anti-dilutive, in which case they are not considered. Dilution for Class B Stock takes into consideration the effect of unvested restricted shares, unless such shares are anti-dilutive, in which case they are not considered.

Below is a reconciliation of the calculation of basic and diluted EPS.


	For the Six Months Ended January 31, 2026						For the Six Months Ended January 31, 2025
	(in thousands, except for per share data)						(in thousands, except for per share data)
	Total		Common		Class B		Total		Common		Class B
Net income	$	28,025	$	21,404	$	6,621	$	29,297	$	22,316	$	6,981
Distributed and undistributed earnings on restricted shares	$	(1,197)	$	(862)	$	(335)	$	(1,412)	$	(926)	$	(486)
Income available to stockholders	$	26,828	$	20,542	$	6,286	$	27,885	$	21,390	$	6,495

Net Income (Numerator)			$	20,542	$	6,286			$	21,390	$	6,495
Weighted Average Shares Outstanding (Denominator)			9,901		4,028				9,870		3,986
Basic EPS			$	2.07	$	1.56			$	2.17	$	1.63

Effect of dilution - Net Income (1)			$	6,286	$	—			$	6,495	$	—
Net income assuming dilution (Numerator)			$	26,828	$	6,286			$	27,885	$	6,495

Effect of dilution - Shares (1)			4,028		—				3,986		—
Shares assuming dilution (Denominator)			13,929		4,028				13,856		3,986
Diluted EPS			$	1.93	$	1.56			$	2.01	$	1.63
(1) The impact of 288,083 unvested shares of Common Stock and 139,276 unvested shares of Class B Stock were anti-dilutive therefore not included in the calculation of diluted EPS for the six months ended January 31, 2026. The impact of 254,192 unvested shares of Common Stock and 116,949 unvested shares of Class B Stock were anti-dilutive, and therefore not included in the calculation of diluted EPS for the six months ended January 31, 2025.

	For the Three Months Ended January 31, 2026						For the Three Months Ended January 31, 2025
	(in thousands, except for per share data)						(in thousands, except for per share data)
	Total		Common		Class B		Total		Common		Class B
Net income	$	12,569	$	9,594	$	2,975	$	12,921	$	9,855	$	3,066
Distributed and undistributed earnings on restricted shares	(474)		(349)		(125)		(598)		(406)		(192)
Income available to stockholders	$	12,095	$	9,245	$	2,850	$	12,323	$	9,449	$	2,874

Net Income (Numerator)			$	9,245	$	2,850			$	9,449	$	2,874
Weighted Average Shares Outstanding (Denominator)			9,884		4,048				9,895		4,004
Basic EPS			$	0.94	$	0.70			$	0.95	$	0.72

Effect of dilution - Net Income (1)			$	2,850	$	—			$	2,874	$	—
Net income assuming dilution (Numerator)			$	12,095	$	2,850			$	12,323	$	2,874

Effect of dilution - Shares (1)			4,048		—				4,004		—
Shares assuming dilution (Denominator)			13,932		4,048				13,899		4,004
Diluted EPS			$	0.87	$	0.70			$	0.89	$	0.72
(1) The impact of 245,326 unvested shares of Common Stock and 103,461 unvested shares of Class B Stock were anti-dilutive therefore not included in the calculation of diluted EPS for the three months ended January 31, 2026. The impact of 250,151 unvested shares of Common Stock and 105,024 unvested shares of Class B Stock were anti-dilutive, and therefore not included in the calculation of diluted EPS for the three months ended January 31, 2025.