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Net Income per Common Share
 3 Months Ended
Oct. 31, 2018
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,
 
2018
 
2017
Numerator:
 
 
 
Earnings (Numerator for basic and diluted Class A Nonvoting Common Share)
$
30,637

 
$
25,836

Less:
 
 
 
Preferential dividends
(815
)
 
(799
)
Preferential dividends on dilutive stock options
(13
)
 
(16
)
Numerator for basic and diluted earnings per Class B Voting Common Share
$
29,809

 
$
25,021

Denominator: (in thousands)
 
 
 
Denominator for basic earnings for both Class A and Class B
52,201

 
51,440

Plus: Effect of dilutive stock options
757

 
943

Denominator for diluted earnings per share for both Class A and Class B
52,958

 
52,383

Net earnings per Class A Nonvoting Common Share:
 
 
 
Basic
$
0.59

 
$
0.50

Diluted
$
0.58

 
$
0.49

Net earnings per Class B Voting Common Share:
 
 
 
Basic
$
0.57

 
$
0.49

Diluted
$
0.56

 
$
0.48


Options to purchase 679,902 and 737,132 shares of Class A Nonvoting Common Stock for the three months ended October 31, 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.