Net Income Per Share

12 Months Ended

Jul. 31, 2017

13 — Net Income Per Share

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



	Year Ended July 31,
(In thousands)	2017	2016	2015
Weighted average common shares outstanding	228,686	228,846	251,829
Effect of dilutive securities — stock options	8,333	15,449	11,022
Weighted average common and dilutive potential common shares outstanding	237,019	244,295	262,851

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 3,058,808; 11,594,014; and 11,810,748 options to purchase the Company’s common stock for the years ended July 31, 2017, 2016 and 2015, respectively, because their inclusion would have been anti-dilutive. During the year ended July 31, 2016, the Company adopted ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting, which caused an impact on dilutive potential common shares outstanding, as the Company excluded the excess tax benefits and deficiencies from the proceeds portion of the diluted earnings per share calculations as they are no longer recorded in equity, which caused dilutive potential common shares outstanding to increase for all periods in fiscal 2016.