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(Loss) Earnings Per Share
 3 Months Ended
Oct. 31, 2021
Earnings Per Share [Abstract]  
(Loss) Earnings Per Share

Note 15—(Loss) Earnings 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 (loss) earnings per share attributable to the Company’s common stockholders consists of the following:

 

  

Three Months Ended

October 31,

 
   2021   2020 
   (in thousands) 
Basic weighted-average number of shares   25,566    25,534 
Effect of dilutive securities:          
Stock options   —    — 
Non-vested restricted Class B common stock   —    327 
Diluted weighted-average number of shares   25,566    25,861 

 

The following shares were excluded from the calculation of diluted (loss) earnings per share:

 

  

Three Months Ended

October 31,

 
   2021   2020 
   (in thousands) 
Stock options   1,035    1,104 
Non-vested restricted Class B common stock   352    — 
Shares excluded from the calculation of diluted earnings per share   1,387    1,104 

 

The diluted loss per share equals basic loss per share in the three months ended October 31, 2021 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. Stock options with an exercise price that was greater than the average market price of the Company’s common stock in the three months ended October 31, 2020 were excluded from the calculation of diluted earnings per share.