Repurchase of Shares

12 Months Ended

Jul. 31, 2016

Repurchase of Shares

Repurchase of Shares

14.Repurchase of Shares

The Company does not currently have a publicly announced stock repurchase program. All of the shares purchased during fiscals 2016 and 2015 represent shares surrendered to the Company relating to cashless exercises of stock options and to pay employee withholding taxes due upon the vesting of restricted stock or the exercise of stock options. In fiscals 2016 and 2015, such purchases amounted to 67,038 and 109,367 shares at a total average price per share of $55.68 and $37.61, respectively.

Upon exercise of stock options or grant of stock awards, we typically issue new shares of our common stock as opposed to using treasury shares.