Stock-based compensation expense related to stock options and Stock Awards is included in the Company’s condensed consolidated statements of operations as follows (in thousands):


	Three Months Ended April 30,						Nine Months Ended April 30,
	2020		2019		2020		2019
Stock-based compensation expense	$	24,905	$	21,130	$	76,358	$	68,669
Net impact of deferred stock-based compensation	(124)		(80)		(283)		88
Total stock-based compensation expense	$	24,781	$	21,050	$	76,075	$	68,757
Stock-based compensation expense is included in the following categories:
Cost of license and subscription revenue	$	1,694	$	589	$	4,674	$	1,458
Cost of maintenance revenue	469		274		1,376		1,366
Cost of services revenue	4,862		5,721		15,663		17,899
Research and development	6,500		4,919		19,349		17,765
Sales and marketing	4,990		4,731		16,143		14,426
General and administrative	6,266		4,816		18,870		15,843
Total stock-based compensation expense	$	24,781	$	21,050	$	76,075	$	68,757


	Stock Awards Outstanding
	Number of Stock Awards Outstanding	Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value (in thousands)⁽¹⁾
Balance as of July 31, 2019	2,384,673	$	85.20	$	243,427
Granted	1,367,381	$	106.68
Released	(966,699)	$	81.50	$	95,938
Canceled	(281,212)	$	86.19
Balance as of April 30, 2020	2,504,143	$	97.52	$	227,476
Expected to vest as of April 30, 2020	2,504,143	$	97.52	$	227,476

⁽¹⁾Aggregate intrinsic value at each period end represents the total market value of Stock Awards at the Company’s closing stock price of $90.84 and $102.08 on April 30, 2020 and July 31, 2019, respectively. Aggregate intrinsic value for released Stock Awards represents the total market value of released Stock Awards at date of release.

Certain executives and employees of the Company received PSUs and TSR PSUs in addition to RSUs. The PSUs included performance-based conditions and generally vest over a four-year period. The TSR PSUs are subject to total shareholder return rankings of the Company's common stock relative to the software companies in the S&P Index for a specified period or periods, and vest at the end of three years. In select cases, certain TSR PSUs are also subject to performance-based conditions. The Company recognized stock-based compensation related to these performance-based and market-based stock awards of $2.3 million and $2.4 million for the three months ended April 30, 2020 and 2019, respectively, and $9.5 million and $9.5 million for the nine months ended April 30, 2020 and 2019, respectively.


	Stock Options Outstanding
	Number of Stock Options Outstanding	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value ₍₁₎
				(in years)	(in thousands)
Balance as of July 31, 2019	216,727	$	34.10	5.2	$	14,733
Granted	—
Exercised	(88,328)	$	34.85		$	5,970
Canceled	(3,822)	$	10.99
Balance as of April 30, 2020	124,577	$	34.28	5.1	$	7,046
Vested and expected to vest as of April 30, 2020	124,577	$	34.28	5.1	$	7,046
Exercisable as of April 30, 2020	109,915	$	37.38	4.9	$	5,877

⁽¹⁾Aggregate intrinsic value at each period end represents the difference between the Company’s closing stock prices of $90.84 and $102.08 on April 30, 2020 and July 31, 2019, respectively, and the exercise price of outstanding options. Aggregate intrinsic value for exercised options represents the difference between the Company’s stock price at date of exercise and the exercise price.


	Three Months Ended April 30,			Nine Months Ended April 30,
	2020	2019	2020	2019
Expected term (in years)	*	*	2.90	2.88
Risk-free interest rate	*	*	1.5%	2.8%
Expected volatility of the Company	*	*	28.4%	27.2%
Average expected volatility of the peer companies in the S&P Index	*	*	37.0%	33.0%
Expected dividend yield	*	*	—%	—%

The number of TSR PSUs that may ultimately vest will vary based on the performance of the Company’s common stock relative to the shareholder return of the software companies in the S&P Index for a specified period or periods. The Monte Carlo methodology incorporates into the valuation all possible outcomes, including that the Company’s relative performance may result in no shares vesting. As a result, stock-based compensation expense is recognized regardless of the Company's ultimate achievement of the plan’s metrics. The expense will be reversed only in the event that a grantee is terminated prior to satisfying the requisite service period.

For a subset of TSR PSUs, the number of shares that may ultimately vest will vary based on the achievement of certain Company specific financial performance metrics in addition to the Company’s total shareholder return metric noted above. As a result, the expense recognized will fluctuate based on the Company’s estimated financial performance relative to the target financial performance metrics.

As of April 30, 2020 and July 31, 2019, the Company was authorized to issue 500,000,000 shares of common stock with a par value of $0.0001 per share and, of these, 83,167,042 and 82,140,883 shares of common stock were issued and outstanding, respectively. Per the terms of the Company’s 2011 Stock Plan, on January first of each year, an additional number of shares equal to 5% of the number of shares of common stock issued and outstanding on the preceding December 31^st may be added to the Company’s 2011 Stock Plan reserve. The Company elected not to increase the number of shares of common stock available for grant under this plan for the calendar year ended December 31, 2019. As of April 30, 2020 and July 31, 2019, the Company had reserved shares of common stock for future issuance as follows:


	April 30, 2020	July 31, 2019
Exercise of stock options to purchase common stock	124,577	216,727
Vesting of stock awards	2,504,143	2,384,673
Shares available under stock plans	23,652,427	24,776,361
Total common stock reserved for issuance	26,281,147	27,377,761