Net Income per Common Share (Notes)

3 Months Ended

Oct. 31, 2021

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,
	2021		2020
Numerator (in thousands):
Net income (Numerator for basic and diluted income per Class A Nonvoting Common Share)	$	35,046	$	33,481
Less:
Preferential dividends	(803)		(808)
Preferential dividends on dilutive stock options	(8)		(4)
Numerator for basic and diluted income per Class B Voting Common Share	$	34,235	$	32,669
Denominator (in thousands):
Denominator for basic income per share for both Class A and Class B	51,973		52,021
Plus: Effect of dilutive equity awards	463		271
Denominator for diluted income per share for both Class A and Class B	52,436		52,292
Net income per Class A Nonvoting Common Share:
Basic	$	0.67	$	0.64
Diluted	$	0.67	$	0.64
Net income per Class B Voting Common Share:
Basic	$	0.66	$	0.63
Diluted	$	0.65	$	0.62

Potentially dilutive securities attributable to outstanding stock options and restricted stock units were excluded from the calculation of diluted earnings per share where the combined exercise price and average unamortized fair value were greater than the average market price of the Company's Class A Nonvoting Common Stock because the effect would have been anti-dilutive. The amount of anti-dilutive shares were 479,602 and 740,745 for the three months ended October 31, 2021 and 2020, respectively.