Net Income Per Share

9 Months Ended

Apr. 30, 2016

NOTE 6 – Net Income Per Share

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



	Three Months Ended April 30,		Nine Months Ended April 30,
(In thousands)	2016	2015	2016	2015
Weighted average common shares outstanding	110,543	126,415	117,071	126,309
Effect of dilutive securities - stock options	5,845	5,709	5,621	5,528
Weighted average common and dilutive potential common shares outstanding	116,388	132,124	122,692	131,837

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 5,593,197 and 5,775,664 stock options for the three months ended April 30, 2016 and 2015, respectively, and 7,006,698 and 5,306,759 shares for the nine months ended April 30, 2016 and 2015, respectively, because their inclusion would have been anti-dilutive.