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Net Income per Common Share
 3 Months Ended
Oct. 31, 2017
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,
 
2017
 
2016
Numerator: (in thousands)
 
 
 
Earnings (Numerator for basic and diluted Class A Nonvoting Common Share)
$
25,836

 
$
22,553

Less:
 
 
 
Preferential dividends
(799
)
 
(788
)
Preferential dividends on dilutive stock options
(16
)
 
(14
)
Numerator for basic and diluted earnings per Class B Voting Common Share
$
25,021

 
$
21,751

Denominator: (in thousands)
 
 
 
Denominator for basic earnings for both Class A and Class B
51,440

 
50,634

Plus: Effect of dilutive stock options
943

 
821

Denominator for diluted earnings per share for both Class A and Class B
52,383

 
51,455

Net earnings per Class A Nonvoting Common Share:
 
 
 
Basic
$
0.50

 
$
0.45

Diluted
$
0.49

 
$
0.44

Net earnings per Class B Voting Common Share:
 
 
 
Basic
$
0.49

 
$
0.43

Diluted
$
0.48

 
$
0.42


Options to purchase 737,132 and 772,334 shares of Class A Nonvoting Common Stock for the three months ended October 31, 2017 and 2016, 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.