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Net Income per Common Share | 12 Months Ended
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Jul. 31, 2017
Earnings Per Share [Abstract] |
Net Earnings per Common Share | Net Earnings per Common Share Basic net earnings per common share is computed by dividing net earnings (after deducting the applicable preferential Class A Common Stock dividends) by the weighted average Common Shares outstanding of 51,056 for fiscal 2017, 50,541 for fiscal 2016, and 51,285 for fiscal 2015. The Company utilizes the two-class method to calculate earnings per share. Reconciliations of the numerator and denominator of the basic and diluted per share computations for the Company’s Class A and Class B common stock are summarized as follows:
| Years ended July 31,
| 2017 |  | 2016 |  | 2015
Numerator (in thousands) |  |  |  |  |
Earnings from continuing operations (Numerator for basic and diluted earnings from continuing operations per Class A Nonvoting Common Share) | $ | 95,645 |  |  | $ | 80,110 |  |  | $ | 4,902 |
Less: |  |  |  |  |
Preferential dividends | (788 | ) |  | (783 | ) |  | (794 | )
Preferential dividends on dilutive stock options | (14 | ) |  | (1 | ) |  | (1 | )
Numerator for basic and diluted earnings from continuing operations per Class B Voting Common Share | $ | 94,843 |  |  | $ | 79,326 |  |  | $ | 4,107 |
Denominator (in thousands) |  |  |  |  |
Denominator for basic earnings from continuing operations per share for both Class A and Class B | 51,056 |  |  | 50,541 |  |  | 51,285 |
Plus: Effect of dilutive stock options | 900 |  |  | 228 |  |  | 98 |
Denominator for diluted earnings from continuing operations per share for both Class A and Class B | 51,956 |  |  | 50,769 |  |  | 51,383 |
Earnings from continuing operations per Class A Nonvoting Common Share: |  |  |  |  |
Basic | $ | 1.87 |  |  | $ | 1.59 |  |  | $ | 0.10 |
Diluted | $ | 1.84 |  |  | $ | 1.58 |  |  | $ | 0.10 |
Earnings from continuing operations per Class B Voting Common Share: |  |  |  |  |
Basic | $ | 1.86 |  |  | $ | 1.57 |  |  | $ | 0.08 |
Diluted | $ | 1.83 |  |  | $ | 1.56 |  |  | $ | 0.08 |
Loss from discontinued operations per Class A Nonvoting Common Share: |  |  |  |  |
Basic | $ | — |  |  | $ | — |  |  | $ | (0.04 | )
Diluted | $ | — |  |  | $ | — |  |  | $ | (0.04 | )
Loss from discontinued operations per Class B Voting Common Share: |  |  |  |  |
Basic | $ | — |  |  | $ | — |  |  | $ | (0.04 | )
Diluted | $ | — |  |  | $ | — |  |  | $ | (0.04 | )
Net earnings per Class A Nonvoting Common Share: |  |  |  |  |
Basic | $ | 1.87 |  |  | $ | 1.59 |  |  | $ | 0.06 |
Diluted | $ | 1.84 |  |  | $ | 1.58 |  |  | $ | 0.06 |
Net earnings per Class B Voting Common Share: |  |  |  |  |
Basic | $ | 1.86 |  |  | $ | 1.57 |  |  | $ | 0.04 |
Diluted | $ | 1.83 |  |  | $ | 1.56 |  |  | $ | 0.04 |
Options to purchase 669,036, 3,172,755, and 3,568,264 shares of Class A Nonvoting Common Stock for the fiscal years ended July 31, 2017, 2016, and 2015, respectively, were not included in the computation of diluted net earnings per share as the impact of the inclusion of the options would have been anti-dilutive.

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