Net Income Per Share

3 Months Ended

Oct. 31, 2016

NOTE 5 – Net Income Per Share

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



	Three Months Ended October 31,
(In thousands)	2016	2015
Weighted average common shares outstanding	112,718	120,155
Effect of dilutive securities - stock options	6,161	6,989
Weighted average common and dilutive potential common shares outstanding	118,879	127,144

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 198,561 and 7,710,218 shares underlying outstanding stock options for the three months ended October 31, 2016 and 2015, respectively, because their inclusion would have been anti-dilutive.