Net Income Per Share

9 Months Ended

Apr. 30, 2020

Earnings Per Share [Abstract]

Net Income Per Share

NOTE 8 – Net Income Per Share

The table below reconciles basic weighted average shares outstanding to diluted weighted average shares outstanding:

	Three Months Ended April 30,		Nine Months Ended April 30,
(In thousands)	2020	2019	2020	2019
Weighted average common shares outstanding	234,133	227,984	232,647	230,922
Effect of dilutive securities	4,458	9,908	5,917	10,236
Weighted average common and dilutive potential common shares outstanding	238,591	237,892	238,564	241,158

There were no material adjustments to net income required in calculating diluted net income per share. Excluded from the dilutive earnings per share calculation were 200,167 and 1,785,000 options to purchase the Company’s common stock for the three months ended April 30, 2020 and 2019, respectively, and 400,167 and 2,245,000 options to purchase the Company’s common stock for the nine months ended April 30, 2020 and 2019, respectively, because their inclusion would have been anti-dilutive.