Earnings Per Share

12 Months Ended

Jul. 31, 2012

Earnings Per Share [Abstract]

Earnings Per Share

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

	Fiscal Year
	2012			2011		2010
Total income available to common stockholders	$	773,579		$	6,960,263	$	4,257,607
Dividend paid		2,036,559			1,963,303		1,747,572
Undistributed earnings		(1,262,980	)		4,996,960		2,510,035
Weighted-average common shares outstanding: basic and diluted		4,233,883			4,222,688		4,160,816
Distributed earnings per share	$	.48		$	.46	$	.42
Undistributed earnings per share		(.30	)		1.19		.60
Total earnings per share	$	.18		$	1.65	$	1.02

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.