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Equity Based Compensation
 6 Months Ended
Jan. 31, 2017
Share-based Compensation [Abstract]  
Equity Based Compensation
Equity Based Compensation
Stock-based compensation expense is recognized using the fair-value method for all awards. The Company determines the fair value of its option awards using the Black-Scholes option pricing model. Options granted are priced at the fair market value of the Company's stock on the date of grant. There were 888,500 stock options awarded during the six months ended January 31, 2017. The weighted average fair value for options granted during the six months ended January 31, 2017 and 2016 was $10.09 and $7.08 per share, respectively. For the three and six months ended January 31, 2017, the Company recorded pre-tax stock-based compensation expense associated with stock options of $3.8 million and $4.9 million, respectively, and recorded $1.3 million and $1.6 million, respectively, of related tax benefits. For the three and six months ended January 31, 2016, the Company recorded pre-tax stock-based compensation expense associated with stock options of $3.3 million and $4.4 million, respectively, and recorded $1.1 million and $1.4 million, respectively, of related tax benefits.
The following table summarizes stock option activity during the six months ended January 31, 2017:
 
Options
Outstanding
 
Weighted
Average
Exercise Price
Outstanding as of July 31, 2016
6,822,390

 
$
30.09

Granted
888,500

 
$
42.65

Exercised
(531,438
)
 
$
23.65

Canceled
(34,447
)
 
$
36.60

Outstanding as of January 31, 2017
7,145,005

 
$
32.10


The total intrinsic value of options exercised during the six months ended January 31, 2017 and 2016 was $8.6 million and $4.5 million, respectively.
The following table summarizes information concerning outstanding and exercisable options as of January 31, 2017:
Range of Exercise Prices
 
Number Outstanding
 
Weighted
Average
Remaining
Contractual
Life (Years)
 
Weighted
Average
Exercise
Price of Outstanding Options
 
Number
Exercisable
 
Weighted
Average
Exercise
Price of Exercisable Options
$ 0.00 to $17.69
 
475,245

 
1.91
 
$
17.05

 
475,245

 
$
17.05

$17.70 to $23.69
 
1,173,588

 
2.17
 
$
21.44

 
1,173,588

 
$
21.44

$23.70 to $29.69
 
1,584,597

 
6.70
 
$
28.54

 
985,194

 
$
28.83

$29.70 to $35.69
 
1,432,395

 
5.35
 
$
34.22

 
1,406,129

 
$
34.27

$35.70 and above
 
2,479,180

 
8.27
 
$
41.08

 
1,286,423

 
$
40.59

 
 
7,145,005

 
5.91
 
$
32.10

 
5,326,579

 
$
30.43


As of January 31, 2017, the aggregate intrinsic value of options outstanding and exercisable was $73.0 million and $63.1 million, respectively.
As of January 31, 2017, there was $10.0 million of total unrecognized compensation expense related to non-vested stock options granted under the 2010 Master Stock Incentive Plan. This unvested expense is expected to be recognized during fiscal years 2017, 2018, 2019 and 2020.