Net Income (Loss) Per Common Share

9 Months Ended

Apr. 30, 2012

Net Income (Loss) Per Common Share [Abstract]

Net Income (Loss) Per Common Share

NOTE D — Net Income (Loss) 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 April 30,						Nine Months Ended April 30,
	2012			2011			2012			2011
Numerator: (in thousands)
Net income (loss)	$	27,652		$	28,589		$	(29,570	)	$	79,069
Less:
Restricted stock dividends		(57	)		(56	)		(172	)		(168	)
Numerator for basic and diluted Class A net income (loss) per share	$	27,595		$	28,533		$	(29,742	)	$	78,901
Less:
Preferential dividends		—			—			(818	)		(820	)
Preferential dividends on dilutive stock options		—			—			(5	)		(6	)
Numerator for basic and diluted Class B net income (loss) per share	$	27,595		$	28,533		$	(30,565	)	$	78,075
Denominator: (in thousands)
Denominator for basic net income (loss) per share for both Class A and Class B		52,513			52,701			52,539			52,581
Plus: Effect of dilutive stock options		490			636			—			486
Denominator for diluted net income (loss) per share for both Class A and Class B		53,003			53,337			52,539			53,067
Class A Nonvoting Common Stock net income (loss) per share:
Basic	$	0.53		$	0.54		$	(0.57	)	$	1.50
Diluted	$	0.52		$	0.54		$	(0.57	)	$	1.49
Class B Voting Common Stock net income (loss) per share:
Basic	$	0.53		$	0.54		$	(0.58	)	$	1.48
Diluted	$	0.52		$	0.54		$	(0.58	)	$	1.47

In accordance with ASC 260, “Earnings per Share,” dilutive options for the nine-month period ended April 30, 2012, were not included in the computation of diluted net loss per share since to do so would reduce the calculated loss per share. Options to purchase approximately 3,182,000 and 4,419,000 shares of Class A Nonvoting Common Stock for the three and nine months ended April 30, 2012, respectively, were not included in the computation of diluted net income (loss) per share because the impact of the inclusion of the options would have been anti-dilutive.

Options to purchase approximately 2,500,000 and 3,100,000 shares of Class A Nonvoting Common Stock for the three and nine months ended April 30, 2011, respectively, were not included in the computation of diluted net income per share because the impact of the inclusion of the options would have been anti-dilutive.