Earnings Per Share

9 Months Ended

Apr. 30, 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				Nine months ended
	April 30, 2012		April 30, 2011		April 30, 2012		April 30, 2011
Total income available to common stockholders	$	55,941	$	1,429,384	$	1,719,222	$	5,045,971
Dividend declared		---		---		1,017,776		934,422
Undistributed earnings		55,941		1,429,384		701,446		4,111,549
Weighted-average common shares outstanding (basic)		4,245,059		4,236,993		4,230,204		4,222,759
Distributed earnings per share	$	---	$	---	$	.24	$	.22
Undistributed earnings per share		.01		.34		.17		.97
Total earnings per share		.01		.34		.41		1.19

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.

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.