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 April 30,				Nine months ended April 30,
	2018		2017		2018			2017
Numerator: (in thousands)
Earnings (Numerator for basic and diluted Class A Nonvoting Common Share)	$	26,000	$	22,553	$	56,109		$	70,403
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	$	26,000	$	22,553	$	55,294		$	69,601
Denominator: (in thousands)
Denominator for basic earnings per share for both Class A and Class B	51,747		51,227		51,628			50,972
Plus: Effect of dilutive stock options and restricted stock units	982		974		982			910
Denominator for diluted earnings per share for both Class A and Class B	52,729		52,201		52,610			51,882
Net earnings per Class A Nonvoting Common Share:
Basic	$	0.50	$	0.44	$	1.09		$	1.38
Diluted	$	0.49	$	0.43	$	1.07		$	1.36
Net earnings per Class B Voting Common Share:
Basic	$	0.50	$	0.44	$	1.07		$	1.37
Diluted	$	0.49	$	0.43	$	1.05		$	1.34

Options to purchase 675,329 and 577,557 shares of Class A Nonvoting Common Stock for the three months ended April 30, 2018 and 2017, respectively, and 705,843 and 705,859 shares for the nine months ended April 30, 2018 and 2017, 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.