Earnings Per Share

3 Months Ended

Oct. 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
	October 31, 2012		October 29, 2011
Total income available to common stockholders	$	242,527	$	1,159,777
Dividend declared		---		---
Undistributed earnings		242,527		1,159,777
Weighted-average common shares outstanding (basic)		4,244,010		4,203,445
Distributed earnings per share	$	---	$	---
Undistributed earnings per share		.06		.28
Total earnings per share	$	.06	$	.28

After consideration of all the rights and privileges of the Class A and Class B stockholders discussed in Note 9, 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.