Net Income per Common Share

9 Months Ended

Apr. 30, 2020

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,
	2020		2019		2020		2019
Numerator (in thousands):
Income (Numerator for basic and diluted income per Class A Nonvoting Common Share)	$	13,633	$	34,781	$	84,684	$	94,645
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	$	13,633	$	34,781	$	83,846	$	93,817
Denominator: (in thousands)
Denominator for basic income per share for both Class A and Class B	52,607		52,766		53,023		52,499
Plus: Effect of dilutive equity awards	365		714		489		716
Denominator for diluted income per share for both Class A and Class B	52,972		53,480		53,512		53,215
Net income per Class A Nonvoting Common Share:
Basic	$	0.26	$	0.66	$	1.60	$	1.80
Diluted	$	0.26	$	0.65	$	1.58	$	1.78
Net income per Class B Voting Common Share:
Basic	$	0.26	$	0.66	$	1.58	$	1.79
Diluted	$	0.26	$	0.65	$	1.57	$	1.76

Stock-based awards to purchase 488,932 and 269,606 shares of Class A Nonvoting Common Stock for the three months ended April 30, 2020 and 2019, respectively, and 353,752 and 407,477 shares for the nine months ended April 30, 2020 and 2019, respectively, were not included in the computation of diluted net income per share because the effect would have been anti-dilutive.