Net Income 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,
	2019		2018		2019			2018
Numerator:
Income (Numerator for basic and diluted Class A Nonvoting Common Share)	$	34,781	$	26,000	$	94,645		$	56,109
Less:
Preferential dividends	—		—		(815		)	(799		)
Preferential dividends on dilutive stock options	—		—		(13		)	(16		)
Numerator for basic and diluted income per Class B Voting Common Share	$	34,781	$	26,000	$	93,817		$	55,294
Denominator: (in thousands)
Denominator for basic income per share for both Class A and Class B	52,766		51,747		52,499			51,628
Plus: Effect of dilutive stock options and restricted stock units	714		982		716			982
Denominator for diluted income per share for both Class A and Class B	53,480		52,729		53,215			52,610
Net Income per Class A Nonvoting Common Share:
Basic	$	0.66	$	0.50	$	1.80		$	1.09
Diluted	$	0.65	$	0.49	$	1.78		$	1.07
Net Income per Class B Voting Common Share:
Basic	$	0.66	$	0.50	$	1.79		$	1.07
Diluted	$	0.65	$	0.49	$	1.76		$	1.05

Options to purchase 269,606 and 675,329 shares of Class A Nonvoting Common Stock for the three months ended April 30, 2019 and 2018, respectively, and 407,477 and 705,843 shares for the nine months ended April 30, 2019 and 2018, respectively, were not included in the computation of diluted net income 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.