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Stock-Based Compensation (Tables)
 3 Months Ended
Oct. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of Stock-based Awards Outstanding by Award Type
As of October 31, 2015, the following stock-based awards, by award type, were outstanding:

 
October 31, 2015
Stock options
2,398,498

Performance shares
176,165

RSUs and restricted stock
49,795

Share units
8,503

Total
2,632,961
Stock-based compensation for awards detailing where recorded in Condensed Consolidated Statement of Operations
Stock-based compensation for awards issued is reflected in the following line items in our Condensed Consolidated Statements of Operations:
 
 
Three months ended October 31,
 
 
2015
 
2014
Cost of sales
 
$
63,000

 
67,000

Selling, general and administrative expenses
 
874,000

 
1,102,000

Research and development expenses
 
114,000

 
168,000

Stock-based compensation expense before income tax benefit
 
1,051,000

 
1,337,000

Estimated income tax benefit
 
(365,000
)
 
(468,000
)
Net stock-based compensation expense
 
$
686,000

 
869,000
Summary of net stock-based compensation expense by award type
Stock-based compensation expense, by award type, is summarized as follows:

 
 
Three months ended October 31,
 
 
2015
 
2014
Stock options
 
$
603,000

 
758,000

Performance shares
 
334,000

 
408,000

ESPP
 
43,000

 
53,000

RSUs and restricted stock
 
71,000

 
104,000

Share units
 
—

 
14,000

Stock-based compensation expense before income tax benefit
 
1,051,000

 
1,337,000

Estimated income tax benefit
 
(365,000
)
 
(468,000
)
Net stock-based compensation expense
 
$
686,000

 
869,000
Components of actual Income tax benefit recognized for tax deductions relating to settlement of stock-based awards
The following table reconciles the actual income tax benefit recognized for tax deductions relating to the settlement of stock-based awards to the excess income tax benefit reported as a cash flow from financing activities in our Condensed Consolidated Statements of Cash Flows:

 
 
Three months ended October 31,
 
 
2015
 
2014
Actual income tax benefit recorded for the tax deductions relating to the settlement of stock-based awards
 
$
93,000

 
615,000

Less: Tax benefit initially recognized on settled stock-based awards vesting subsequent to the adoption of accounting standards that require us to expense stock-based awards
 
89,000

 
516,000

Excess income tax benefit recorded as an increase to additional paid-in capital
 
4,000

 
99,000

Less: Tax benefit initially disclosed but not previously recognized on settled equity-classified stock-based awards vesting prior to the adoption of accounting standards that require us to expense stock-based awards
 
—

 
—

Excess income tax benefit from settled equity-classified stock-based awards reported as a cash flow from financing activities in our Condensed Consolidated Statements of Cash Flows
 
$
4,000

 
99,000
Summary of the Plan's activity relating to stock options
The following table summarizes the Plan's activity during the three months ended October 31, 2015:

 
 
Awards
(in Shares)
 
Weighted Average
Exercise Price
 
Weighted Average
Remaining Contractual
Term (Years)
 
Aggregate
Intrinsic Value
Outstanding at July 31, 2015
 
2,119,683

 
$
29.33

 
 
 
 
Granted
 
480,265

 
28.00

 
 
 
 
Expired/canceled
 
(182,250
)
 
29.84

 
 
 
 
Exercised
 
(19,200
)
 
27.24

 
 
 
 
Outstanding at October 31, 2015
 
2,398,498

 
$
29.04

 
7.14
 
$
—

 
 
 
 
 
 
 
 
 
Exercisable at October 31, 2015
 
1,024,375

 
$
28.43

 
5.57
 
$
—

 
 
 
 
 
 
 
 
 
Vested and expected to vest at October 31, 2015
 
2,320,958

 
$
29.03

 
7.10
 
$
—
Certain weighted average assumptions used to estimate the fair value of stock-based awards
The estimated per-share weighted average grant-date fair value of stock options granted during the three months ended October 31, 2015 and 2014 was $5.73, and $5.94, respectively, which was determined using the Black-Scholes option pricing model, and included the following weighted average assumptions:
 
 
Three months ended October 31,
 
 
2015
 
2014
Expected dividend yield
 
4.29
%
 
3.54
%
Expected volatility
 
34.26
%
 
27.00
%
Risk-free interest rate
 
1.54
%
 
1.76
%
Expected life (years)
 
5.16

 
5.43
Summary of the Plan's activity relating to performance shares, RSUs, restricted stock and share units
The following table summarizes the Plan's activity relating to performance shares, RSUs, restricted stock and share units:
 
 
Awards
(in Shares)
 
Weighted Average
Grant Date
Fair Value
 
Aggregate
Intrinsic Value
Outstanding at July 31, 2015
 
224,165

 
$
28.26

 
 
Granted
 
62,440

 
28.35

 
 
Converted to common stock
 
(6,988
)
 
25.28

 
 
Forfeited
 
(45,154
)
 
28.14

 
 
Outstanding at October 31, 2015
 
234,463

 
$
28.39

 
$
5,665,000

 
 
 
 
 
 
 
Vested at October 31, 2015
 
35,906

 
$
27.10

 
$
867,000

 
 
 
 
 
 
 
Vested and expected to vest at October 31, 2015
 
222,759

 
$
28.40

 
$
5,382,000