Net (Loss) Income Per Common Share

6 Months Ended

Jan. 31, 2012

Net (Loss) Income Per Common Share [Abstract]

Net (Loss) Income per Common Share

NOTE D — Net (Loss) 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:

		September 30,			September 30,			September 30,			September 30,
	Three Months Ended January 31,						Six Months Ended January 31,
	2012			2011			2012			2011
Numerator: (in thousands)
Net (loss) income	$	(89,954	)	$	24,199		$	(57,222	)	$	50,480
Less:
Restricted stock dividends		(57	)		(56	)		(115	)		(112	)
Numerator for basic and diluted Class A net (loss) income per share	$	(90,011	)	$	24,143		$	(57,337	)	$	50,368
Less:
Preferential dividends		—			—			(818	)		(820	)
Preferential dividends on dilutive stock options		—			—			(5	)		(6	)
Numerator for basic and diluted Class B net (loss) income per share	$	(90,011	)	$	24,143		$	(58,160	)	$	49,542
Denominator: (in thousands)
Denominator for basic net (loss) income per share for both Class A and Class B		52,447			52,593			52,552			52,521
Plus: Effect of dilutive stock options		—			460			—			411
Denominator for diluted net (loss) income per share for both Class A and Class B	$	52,447		$	53,053		$	52,552		$	52,932
Class A Nonvoting Common Stock net (loss) income per share:
Basic	$	(1.72	)	$	0.46		$	(1.09	)	$	0.96
Diluted	$	(1.72	)	$	0.46		$	(1.09	)	$	0.95
Class B Voting Common Stock net (loss) income per share:
Basic	$	(1.72	)	$	0.46		$	(1.11	)	$	0.94
Diluted	$	(1.72	)	$	0.46		$	(1.11	)	$	0.94

For the three and six-month periods ended January 31, 2012, the Company was in a net loss position. In accordance with ASC 260, “Earnings per Share”, no additional shares were included in the computation of diluted net loss per common share since to do so would reduce the calculated loss per share. Therefore, options to purchase approximately 4,365,000 and 4,788,000 shares of Class A Nonvoting Common Stock for the three and six months ended January 31, 2012, respectively, were not included in the computation of diluted net loss per share because the impact of the inclusion of the options would have been anti-dilutive.

Options to purchase approximately 4,281,000 and 3,959,000 shares of Class A Nonvoting Common Stock for the three and six months ended January 31, 2011, respectively, were not included in the computations of diluted net income per share because the impact of the inclusion of the options would have been anti-dilutive.