Net Income per Common Share (Notes)

6 Months Ended

Jan. 31, 2023

Earnings Per Share [Abstract]

Net Income per Common Share Disclosure

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 January 31,				Six months ended January 31,
	2023		2022		2023		2022
Numerator (in thousands):
Net income (Numerator for basic and diluted income per Class A Nonvoting Common Share)	$	37,986	$	33,815	$	77,427	$	68,861
Less:
Preferential dividends	—		—		(769)		(803)
Preferential dividends on dilutive stock options	—		—		(4)		(8)
Numerator for basic and diluted income per Class B Voting Common Share	$	37,986	$	33,815	$	76,654	$	68,050
Denominator: (in thousands)
Denominator for basic income per share for both Class A and Class B	49,745		51,800		49,806		51,887
Plus: Effect of dilutive equity awards	264		362		243		412
Denominator for diluted income per share for both Class A and Class B	50,009		52,162		50,049		52,299
Net income per Class A Nonvoting Common Share:
Basic	$	0.76	$	0.65	$	1.55	$	1.33
Diluted	$	0.76	$	0.65	$	1.55	$	1.32
Net income per Class B Voting Common Share:
Basic	$	0.76	$	0.65	$	1.54	$	1.31
Diluted	$	0.76	$	0.65	$	1.53	$	1.30

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 634,999 and 471,377 for the three months ended January 31, 2023 and 2022, respectively, and 609,266 and 475,489 for the six months ended January 31, 2023 and 2022, respectively.