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 January 31,				Six months ended January 31,
	2019		2018		2019			2018
Numerator:
Earnings (Numerator for basic and diluted Class A Nonvoting Common Share)	$	29,227	$	4,273	$	59,864		$	30,109
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	$	29,227	$	4,273	$	59,036		$	29,294
Denominator: (in thousands)
Denominator for basic earnings per share for both Class A and Class B	52,532		51,698		52,366			51,569
Plus: Effect of dilutive stock options and restricted stock units	674		1,021		716			982
Denominator for diluted earnings per share for both Class A and Class B	53,206		52,719		53,082			52,551
Net earnings per Class A Nonvoting Common Share:
Basic	$	0.56	$	0.08	$	1.14		$	0.58
Diluted	$	0.55	$	0.08	$	1.13		$	0.57
Net earnings per Class B Voting Common Share:
Basic	$	0.56	$	0.08	$	1.13		$	0.57
Diluted	$	0.55	$	0.08	$	1.11		$	0.56

Options to purchase 272,922 and 705,069 shares of Class A Nonvoting Common Stock for the three months ended January 31, 2019 and 2018, respectively, and 476,412 and 721,100 shares for the six months ended January 31, 2019 and 2018, 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.