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Net Income per Common Share
 12 Months Ended
Jul. 31, 2017
Earnings Per Share [Abstract]  
Net Earnings per Common Share
Net Earnings per Common Share
Basic net earnings per common share is computed by dividing net earnings (after deducting the applicable preferential Class A Common Stock dividends) by the weighted average Common Shares outstanding of 51,056 for fiscal 2017, 50,541 for fiscal 2016, and 51,285 for fiscal 2015. The Company utilizes the two-class method to calculate earnings per 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:
 
Years ended July 31,
 
2017
 
2016
 
2015
Numerator (in thousands)
 
 
 
 
 
Earnings from continuing operations (Numerator for basic and diluted earnings from continuing operations per Class A Nonvoting Common Share)
$
95,645

 
$
80,110

 
$
4,902

Less:
 
 
 
 
 
Preferential dividends
(788
)
 
(783
)
 
(794
)
Preferential dividends on dilutive stock options
(14
)
 
(1
)
 
(1
)
Numerator for basic and diluted earnings from continuing operations per Class B Voting Common Share
$
94,843

 
$
79,326

 
$
4,107

Denominator (in thousands)
 
 
 
 
 
Denominator for basic earnings from continuing operations per share for both Class A and Class B
51,056

 
50,541

 
51,285

Plus: Effect of dilutive stock options
900

 
228

 
98

Denominator for diluted earnings from continuing operations per share for both Class A and Class B
51,956

 
50,769

 
51,383

Earnings from continuing operations per Class A Nonvoting Common Share:
 
 
 
 
 
Basic
$
1.87

 
$
1.59

 
$
0.10

Diluted
$
1.84

 
$
1.58

 
$
0.10

Earnings from continuing operations per Class B Voting Common Share:
 
 
 
 
 
Basic
$
1.86

 
$
1.57

 
$
0.08

Diluted
$
1.83

 
$
1.56

 
$
0.08

Loss from discontinued operations per Class A Nonvoting Common Share:
 
 
 
 
 
Basic
$
—

 
$
—

 
$
(0.04
)
Diluted
$
—

 
$
—

 
$
(0.04
)
Loss from discontinued operations per Class B Voting Common Share:
 
 
 
 
 
Basic
$
—

 
$
—

 
$
(0.04
)
Diluted
$
—

 
$
—

 
$
(0.04
)
Net earnings per Class A Nonvoting Common Share:
 
 
 
 
 
Basic
$
1.87

 
$
1.59

 
$
0.06

Diluted
$
1.84

 
$
1.58

 
$
0.06

Net earnings per Class B Voting Common Share:
 
 
 
 
 
Basic
$
1.86

 
$
1.57

 
$
0.04

Diluted
$
1.83

 
$
1.56

 
$
0.04



Options to purchase 669,036, 3,172,755, and 3,568,264 shares of Class A Nonvoting Common Stock for the fiscal years ended July 31, 2017, 2016, and 2015, respectively, were not included in the computation of diluted net earnings per share as the impact of the inclusion of the options would have been anti-dilutive.