Net Income Per Share

9 Months Ended

Apr. 30, 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 April 30,		Nine Months Ended April 30,
(In thousands)	2017	2016	2017	2016
Weighted average common shares outstanding	229,920	221,088	228,146	234,142
Effect of dilutive securities - stock options	7,215	15,324	8,662	14,638
Weighted average common and dilutive potential common shares outstanding	237,135	236,412	236,808	248,780

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 894,782 and 15,179,042 shares underlying outstanding stock options for the three months ended April 30, 2017 and 2016, respectively, and 2,169,026 and 15,368,822 for the nine months ended April 30, 2017 and 2016, respectively, because their inclusion would have been anti-dilutive.