Stock-Based Compensation (Tables)

6 Months Ended

Jan. 31, 2023

As of January 31, 2023, the following stock-based awards, by award type, were outstanding:


			January 31, 2023
Stock options			291,620
Performance shares			662,775
RSUs, restricted stock and share units			1,005,470


Total			1,959,865

Stock-based compensation for awards issued is reflected in the following line items in our Condensed Consolidated Statements of Operations:


	Three months ended January 31,			Six months ended January 31,
	2023		2022	2023		2022
Cost of sales	$	153,000	76,000	$	311,000	149,000
Selling, general and administrative expenses	1,015,000		1,836,000	1,663,000		2,608,000
Research and development expenses	100,000		71,000	198,000		147,000
Stock-based compensation expense before CEO transition costs	1,268,000		1,983,000	2,172,000		2,904,000
CEO transition costs related to equity-classified stock-based awards	—		7,388,000	3,764,000		7,388,000
Total stock-based compensation expense before income tax benefit	1,268,000		9,371,000	5,936,000		10,292,000
Estimated income tax benefit	(293,000)		(1,030,000)	(786,000)		(1,223,000)
Net stock-based compensation expense	$	975,000	8,341,000	$	5,150,000	9,069,000

Stock-based compensation expense, by award type, is summarized as follows:


	Three months ended January 31,			Six months ended January 31,
	2023		2022	2023		2022
Stock options	$	19,000	364,000	$	44,000	442,000
Performance shares	281,000		364,000	355,000		713,000
RSUs, restricted stock and share units	937,000		1,200,000	1,711,000		1,639,000
ESPP	31,000		55,000	62,000		110,000

Stock-based compensation expense before CEO transition costs	1,268,000		1,983,000	2,172,000		2,904,000
CEO transition costs related to equity-classified stock-based awards	—		7,388,000	3,764,000		7,388,000
Total stock-based compensation expense before income tax benefit	1,268,000		9,371,000	5,936,000		10,292,000
Estimated income tax benefit	(293,000)		(1,030,000)	(786,000)		(1,223,000)
Net stock-based compensation expense	$	975,000	8,341,000	$	5,150,000	9,069,000

The following table summarizes the Plan’s activity:


	Awards (in Shares)	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Outstanding at July 31, 2022	483,480	$	24.43

Expired/canceled	(9,460)	26.55

Outstanding at October 31, 2022	474,020	24.38

Expired/canceled	(182,400)	24.75





Outstanding at January 31, 2023	291,620	$	24.15	4.11	$	—

Exercisable at January 31, 2023	246,740	$	25.29	3.53	$	—

Vested and expected to vest at January 31, 2023	289,009	$	24.21	4.08	$	—

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, 2022	1,110,750	$	19.05
Granted	785,092	11.13
Settled	(256,069)	24.55
Canceled/Forfeited	(37,805)	16.44
Outstanding at October 31, 2022	1,601,968	14.35
Granted	105,887	12.40
Settled	(16,374)	19.01
Canceled/Forfeited	(23,236)	17.98




Outstanding at January 31, 2023	1,668,245	$	14.13	$	26,458,000

Vested at January 31, 2023	533,735	$	15.70	$	8,465,000

Vested and expected to vest at January 31, 2023	1,617,569	$	14.09	$	25,655,000