Net Income Per Share

6 Months Ended

Jan. 31, 2017

NOTE 5 – Net Income Per Share

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



	Three Months Ended January 31,		Six Months Ended January 31,
(In thousands)	2017	2016	2017	2016
Weighted average common shares outstanding	114,571	117,306	113,644	118,731
Effect of dilutive securities - stock options	3,223	7,306	4,692	7,147
Weighted average common and dilutive potential common shares outstanding	117,794	124,612	118,336	125,878

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 438,561 and 7,753,494 shares underlying outstanding stock options for the three months ended January 31, 2017 and 2016, respectively, and 637,122 and 7,731,856 for the six months ended January 31, 2017 and 2016, respectively, because their inclusion would have been anti-dilutive.