Stockholders' Equity

12 Months Ended

Jul. 31, 2014

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders’ Equity

Stock Repurchase Program

During the fiscal year ended July 31, 2014, we repurchased 2,249,081 shares of our common stock in open-market transactions with an average price per share of $31.45 and at an aggregate cost of $70,729,000 (including transaction costs).

As of July 31, 2014, we were authorized to repurchase up to an additional $13,650,000 of our common stock, pursuant to our current $100,000,000 stock repurchase program. Our stock repurchase program has no time restrictions and repurchases may be made in open-market or privately negotiated transactions and may be made pursuant to SEC Rule 10b5-1 trading plans. As of October 8, 2014, approximately $13,650,000 remains available for repurchases of our common stock.

In fiscal 2013, we purchased 1,044,442 shares with an average price per share of $25.81, at an aggregate cost of $26,954,000 (including transaction costs).

Dividends

Since September 2010, we have paid quarterly dividends pursuant to an annual targeted dividend amount that was established by our Board of Directors. On December 9, 2013, our Board of Directors raised our annual targeted dividend from $1.10 per common share to $1.20 per common share.

During the fiscal year ended July 31, 2014, our Board of Directors declared quarterly dividends of $0.275 per common share on October 3, 2013 and $0.30 per common share on December 9, 2013, March 6, 2014, and June 5, 2014, which were paid to shareholders on November 19, 2013, February 19, 2014, May 30, 2014 and August 19, 2014, respectively. During the fiscal year ended July 31, 2013, our Board of Directors declared four quarterly cash dividends of $0.275 per common share.

On October 9, 2014, our Board of Directors declared a dividend of $0.30 per common share, payable on November 19, 2014 to shareholders of record at the close of business on October 24, 2014.