Net Income Per Common Share

3 Months Ended

Oct. 31, 2011

Net Income Per Common Share [Abstract]

Net Income Per Common Share

NOTE D — 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,
	2011			2010
Numerator: (in thousands)
Net income	$	32,732		$	26,281
Less:
Restricted stock dividends		(57	)		(56	)
Numerator for basic and diluted Class A net income per share	$	32,675		$	26,225
Less:
Preferential dividends		(818	)		(820	)
Preferential dividends on dilutive stock options		(5	)		(6	)
Numerator for basic and diluted Class B net income per share	$	31,852		$	25,399
Denominator: (in thousands)
Denominator for basic net income per share for both Class A and Class B		52,657			52,448
Plus: Effect of dilutive stock options		297			362
Denominator for diluted net income per share for both Class A and Class B	$	52,954		$	52,810
Class A Nonvoting Common Stock net income per share:
Basic	$	0.62		$	0.50
Diluted	$	0.62		$	0.50
Class B Voting Common Stock net income per share:
Basic	$	0.60		$	0.48
Diluted	$	0.60		$	0.48

Options to purchase approximately 4,915,000 and 3,636,000 shares of Class A Nonvoting Common Stock were not included in the computation of diluted net income per share for the quarters ended October 31, 2011 and 2010, respectively, because the option exercise price was greater than the average market price of the common shares and, therefore, the effect would be anti-dilutive.