Earnings Per Share

6 Months Ended

Jan. 31, 2012

Earnings Per Share [Abstract]

Earnings Per Share

11. Earnings Per Share

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

	Three months ended					Six months ended
	January 31, 2012			January 29, 2011		January 31, 2012		January 29, 2011
Total income available to common stockholders	$	503,504		$	1,758,012	$	1,663,281	$	3,616,587
Dividend declared		1,017,776			934,422		1,017,776		934,422
Undistributed earnings		(514,272	)		823,590		645,505		2,682,165
Weighted-average common shares outstanding (basic)		4,242,108			4,228,957		4,222,776		4,215,687
Distributed earnings per share	$	.24		$	.22	$	.24	$	.22
Undistributed earnings per share		(.12	)		.20		.15		.64
Total earnings per share		.12			.42		.39		.86

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.