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Net Income per Common Share
 3 Months Ended
Oct. 31, 2019
Earnings Per Share [Abstract]  
Net Income per Common Share 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 October 31,
 
2019
 
2018
Numerator (in thousands):
 
 
 
Income (Numerator for basic and diluted income per Class A Nonvoting Common Share)
$
37,498

 
$
30,637

Less:
 
 
 
Preferential dividends
(828
)
 
(815
)
Preferential dividends on dilutive stock options
(10
)
 
(13
)
Numerator for basic and diluted income per Class B Voting Common Share
$
36,660

 
$
29,809

Denominator: (in thousands)
 
 
 
Denominator for basic income per share for both Class A and Class B
53,143

 
52,201

Plus: Effect of dilutive equity awards
593

 
757

Denominator for diluted income per share for both Class A and Class B
53,736

 
52,958

Net income per Class A Nonvoting Common Share:
 
 
 
Basic
$
0.71

 
$
0.59

Diluted
$
0.70

 
$
0.58

Net income per Class B Voting Common Share:
 
 
 
Basic
$
0.69

 
$
0.57

Diluted
$
0.68

 
$
0.56


Stock-based awards to purchase 323,719 and 679,902 shares of Class A Nonvoting Common Stock for the three months ended October 31, 2019 and 2018, respectively, were not included in the computation of diluted net income per share because the grant price was greater than the average market price of the common shares and, therefore, the effect would have been anti-dilutive.