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Net Income per Common Share
 3 Months Ended
Oct. 31, 2016
Earnings Per Share [Abstract]  
Net Income per Common Share
Net Earnings per Common Share
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:
 
Three months ended October 31,
 
2016
 
2015
Numerator: (in thousands)
 
 
 
Earnings (Numerator for basic and diluted Class A Nonvoting Common Share)
$
22,553

 
$
18,703

Less:
 
 
 
Preferential dividends
(788
)
 
(783
)
Preferential dividends on dilutive stock options
(14
)
 
(1
)
Numerator for basic and diluted earnings per Class B Voting Common Share
$
21,751

 
$
17,919

Denominator: (in thousands)
 
 
 
Denominator for basic earnings for both Class A and Class B
50,634

 
51,029

Plus: Effect of dilutive stock options
821

 
60

Denominator for diluted earnings per share for both Class A and Class B
51,455

 
51,089

Net earnings per Class A Nonvoting Common Share:
 
 
 
Basic
$
0.45

 
$
0.37

Diluted
$
0.44

 
$
0.37

Net earnings per Class B Voting Common Share:
 
 
 
Basic
$
0.43

 
$
0.35

Diluted
$
0.42

 
$
0.35


Options to purchase approximately 772,334 and 4,172,000 shares of Class A Nonvoting Common Stock for the three months ended October 31, 2016 and 2015, respectively, were not included in the computation of diluted net earnings per share because the option exercise price was greater than the average market price of the common shares and, therefore, the effect would have been anti-dilutive.