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Net Income per Common Share
 12 Months Ended
Jul. 31, 2016
Earnings Per Share [Abstract]  
Net Earnings per Common Share
Net Earnings (Loss) per Common Share
Net earnings (loss) per common share is computed by dividing net earnings (loss) (after deducting restricted stock dividends and the applicable preferential Class A Common Stock dividends) by the weighted average Common Shares outstanding of 50,541 for fiscal 2016, 51,285 for fiscal 2015, and 51,866 for fiscal 2014. The Company utilizes the two-class method to calculate earnings per share. Dividends on the Company’s performance-based restricted shares are reconciling items in the basic and diluted earnings per share calculations for the respective periods presented.







Reconciliations of the numerator and denominator of the basic and diluted per share computations for the Company’s Class A and Class B common stock are summarized as follows:
 
Years ended July 31,
 
2016
 
2015
 
2014
Numerator: (in thousands)
 
 
 
 
 
Earnings (loss) from continuing operations
$
80,110

 
$
4,902

 
$
(48,146
)
Less:
 
 
 
 
 
Restricted stock dividends
—

 
—

 
(92
)
Numerator for basic and diluted earnings (loss) from continuing operations per Class A Nonvoting Common Share
$
80,110

 
$
4,902

 
$
(48,238
)
Less:
 
 
 
 
 
Preferential dividends
(783
)
 
(794
)
 
(813
)
Preferential dividends on dilutive stock options
(1
)
 
(1
)
 
(6
)
Numerator for basic and diluted earnings (loss) from continuing operations per Class B Voting Common Share
$
79,326

 
$
4,107

 
$
(49,057
)
Denominator: (in thousands)
 
 
 
 
 
Denominator for basic earnings from continuing operations per share for both Class A and Class B
50,541

 
51,285

 
51,866

Plus: Effect of dilutive stock options
228

 
98

 
—

Denominator for diluted earnings from continuing operations per share for both Class A and Class B
50,769

 
51,383

 
51,866

Earnings (loss) from continuing operations per Class A Nonvoting Common Share:
 
 
 
 
 
Basic
$
1.59

 
$
0.10

 
$
(0.93
)
Diluted
$
1.58

 
$
0.10

 
$
(0.93
)
Earnings (loss) from continuing operations per Class B Voting Common Share:
 
 
 
 
 
Basic
$
1.57

 
$
0.08

 
$
(0.95
)
Diluted
$
1.56

 
$
0.08

 
$
(0.95
)
(Loss) earnings from discontinued operations per Class A Nonvoting Common Share:
 
 
 
 
 
Basic
$
—

 
$
(0.04
)
 
$
0.04

Diluted
$
—

 
$
(0.04
)
 
$
0.04

(Loss) earnings from discontinued operations per Class B Voting Common Share:
 
 
 
 
 
Basic
$
—

 
$
(0.04
)
 
$
0.05

Diluted
$
—

 
$
(0.04
)
 
$
0.05

Net earnings (loss) per Class A Nonvoting Common Share:
 
 
 
 
 
Basic
$
1.59

 
$
0.06

 
$
(0.89
)
Diluted
$
1.58

 
$
0.06

 
$
(0.89
)
Net earnings (loss) per Class B Voting Common Share:
 
 
 
 
 
Basic
$
1.57

 
$
0.04

 
$
(0.90
)
Diluted
$
1.56

 
$
0.04

 
$
(0.90
)


Options to purchase approximately 3,172,755 and 3,568,264 shares of Class A Nonvoting Common Stock for the fiscal years ended July 31, 2016 and 2015, respectively, were not included in the computation of diluted net earnings (loss) per share as the impact of the inclusion of the options would have been anti-dilutive. In accordance with ASC 260, “Earnings per Share,” all options to purchase Class A Nonvoting Common Stock were not included in the computation of diluted loss per share for fiscal 2014 since to do so would be anti-dilutive.