Earnings Per Share

3 Months Ended

Oct. 29, 2011

Earnings Per Share [Abstract]

Earnings Per Share

The computation of basic earnings per share reconciled to diluted earnings per share follows:

	Three months ended
	October 29, 2011		October 30, 2010
Total income available to common stockholders	$	1,159,777	$	1,858,575
Dividend declared		---		---
Undistributed earnings		1,159,777		1,858,575
Weighted-average common shares outstanding (basic)		4,203,445		4,202,417
Distributed earnings per share	$	---	$	---
Undistributed earnings per share		.28		.44
Total earnings per share		.28		.44

After consideration of all the rights and privileges of the Class A and Class B stockholders discussed in Note 8, in particular the right of the holders of the Class B common stock to elect no less than 75% of the Board of Directors making it highly unlikely that the Company will pay a dividend on Class A common stock in excess of Class B common stock, the Company allocates undistributed earnings between the classes on a one-to-one basis when computing earnings per share. As a result, basic and fully diluted earnings per Class A and Class B share are equal amounts.

Effective August 1, 2009, the Company has determined that its unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities. These securities shall be included in the computation of earnings per share pursuant to the two-class method. The resulting impact was to include unvested restricted shares in the basic weighted average shares outstanding calculation.