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Earnings (Loss) Per Share

9 Months Ended

Apr. 30, 2020

Note 11—Earnings (Loss) Per Share

Basic earnings per share is computed by dividing net income attributable to all classes of common stockholders of the Company by the weighted average number of shares of all classes of common stock outstanding during the applicable period. Diluted earnings per share is computed in the same manner as basic earnings per share, except that the number of shares is increased to include restricted stock still subject to risk of forfeiture and to assume exercise of potentially dilutive stock options using the treasury stock method, unless the effect of such increase is anti-dilutive.

The weighted-average number of shares used in the calculation of basic and diluted earnings (loss) per share attributable to the Company's common stockholders consists of the following:

	Three Months Ended April 30,				Nine Months Ended April 30,
	2020		2019		2020		2019
	(in thousands)
Basic weighted-average number of shares		26,371		26,263		26,323		24,970
Effect of dilutive securities:
Stock options		—		—		—		—
Non-vested restricted Class B common stock		135		—		—		—
Diluted weighted-average number of shares		26,506		26,263		26,323		24,970

The following shares were excluded from the diluted loss per share computations:

	Three Months Ended April 30,				Nine Months Ended April 30,
	2020		2019		2020		2019
	(in thousands)
Stock options		1,126		1,223		1,126		1,223
Non-vested restricted Class B common stock		—		—		520		16
Shares excluded from the calculation of diluted earnings per share		1,126		1,223		1,646		1,239

In the three months ended April 30, 2020 and 2019, stock options with an exercise price that was greater than the average market price of the Company's stock during the period were excluded from the diluted earnings per share computation. The diluted loss per share equals basic loss per share in the nine months ended April 30, 2020 and 2019 because the Company had a net loss and the impact of the assumed exercise of stock options and the vesting of restricted stock would have been anti-dilutive.