Reconciliation of Basic and Diluted Per Share Data

9 Months Ended

Jul. 31, 2011

Reconciliation of Basic and Diluted Per Share Data [Abstract]

Reconciliation of Basic and Diluted Per Share Data

(8) Reconciliation of Basic and Diluted Per Share Data

	Earnings			Shares		Per Share
	(Numerator)			(Denominator)		Data
Three Months Ended July 31, 2011
Earnings from continuing operations	$	11,986
Allocation of earnings to nonvested restricted stock		(103	)
Basic earnings per common share:
Earnings from continuing operations available to common shareholders	$	11,883			90,182	$	.13
Effect of dilutive securities:
Stock options assumed exercised					559
Diluted earnings per common share:
Earnings from continuing operations available to common shareholders plus stock options assumed exercised	$	11,883			90,741	$	.13

	Earnings			Shares		Per Share
	(Numerator)			(Denominator)		Data
Three Months Ended July 31, 2010
Earnings from continuing operations	$	6,028
Allocation of earnings to nonvested restricted stock		(63	)
Basic earnings per common share:
Earnings from continuing operations available to common shareholders	$	5,965			92,207	$	.06
Effect of dilutive securities:
Stock options assumed exercised					292
Diluted earnings per common share:
Earnings from continuing operations available to common shareholders plus stock options assumed exercised	$	5,965			92,499	$	.06

	Earnings			Shares		Per Share
	(Numerator)			(Denominator)		Data
Nine Months Ended July 31, 2011
Earnings from continuing operations	$	30,028
Allocation of earnings to nonvested restricted stock		(263	)
Basic earnings per common share:
Earnings from continuing operations available to common shareholders	$	29,765			90,497	$	.33
Effect of dilutive securities:
Stock options assumed exercised					561
Diluted earnings per common share:
Earnings from continuing operations available to common shareholders plus stock options assumed exercised	$	29,765			91,058	$	.33

	Earnings			Shares		Per Share
	(Numerator)			(Denominator)		Data
Nine Months Ended July 31, 2010
Earnings from continuing operations	$	21,877
Allocation of earnings to nonvested restricted stock		(226	)
Basic earnings per common share:
Earnings from continuing operations available to common shareholders	$	21,651			92,124	$	.24
Effect of dilutive securities:
Stock options assumed exercised					273
Diluted earnings per common share:
Earnings from continuing operations available to common shareholders plus stock options assumed exercised	$	21,651			92,397	$	.23

     During the three months ended July 31, 2011, options to purchase 435,253 shares of common stock at prices ranging from $7.57 to $8.47 per share were outstanding but were not included in the computation of diluted earnings per share because the exercise prices of the options were greater than the average market price of the common shares for that period. Additionally, weighted-average shares outstanding for the three months ended July 31, 2011 exclude the effect of approximately 1,086,000 options because such options were not dilutive. These options expire between January 8, 2014 and July 2, 2018.

     During the nine months ended July 31, 2011, options to purchase 500,573 shares of common stock at prices ranging from $7.31 to $8.47 per share were outstanding but were not included in the computation of diluted earnings per share because the exercise prices of the options were greater than the average market price of the common shares for that period. These options expire between January 8, 2014 and July 2, 2018.

     Options to purchase 1,149,289 shares of common stock at prices ranging from $6.33 to $8.47 per share for the three months ended July 31, 2010 and options to purchase 1,273,571 shares of common stock at prices ranging from $5.84 to $8.47 per share for the nine months ended July 31, 2010 were outstanding but were not included in the computation of diluted earnings per share because the exercise prices of the options were greater than the average market price of the common shares for those periods. Additionally, weighted average shares outstanding for the three and nine months ended July 31, 2010 exclude the effect of approximately 943,495 and 2,750 options, respectively, because such options were not dilutive.

     For the three and nine months ended July 31, 2011, all of the outstanding 214,500 market based stock options were dilutive as the respective market conditions had been previously achieved. For the three and nine months ended July 31, 2010, 438,000 market based stock options were not dilutive. The market based stock options were not dilutive because the market conditions required for vesting for the respective grants were not achieved during those periods.

     For the three and nine months ended July 31, 2011, a maximum of 13,153,500 shares of the Company’s Class A common stock related to the senior convertible notes and a maximum of 10,522,798 shares of Class A common stock under the common stock warrants associated with the June 2007 senior convertible debt transaction were not dilutive, as the average price of the Company’s stock for the three and nine months ended July 31, 2011 was less than the conversion price of the senior convertible notes and strike price of the warrants. For the three and nine months ended July 31, 2010, a maximum of 14,640,100 shares of the Company’s Class A common stock related to the senior convertible notes and a maximum of 11,712,080 shares of Class A common stock under the associated common stock warrants were also not dilutive.

     The Company includes Class A and Class B common stock in its diluted shares calculation. As of July 31, 2011, the Chairman of the Company’s Board of Directors, Frank B. Stewart, Jr., was the record holder of all of the Company’s shares of Class B common stock. The Company’s Class A and B common stock are substantially identical, except that holders of Class A common stock are entitled to one vote per share, and holders of Class B common stock are entitled to ten votes per share. Each share of Class B common stock is automatically converted into one share of Class A common stock upon transfer to persons other than certain affiliates of Frank B. Stewart, Jr.