Stockholders' Equity

12 Months Ended

Jul. 31, 2022

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Note 11. Stockholders’ Equity

Share Repurchases

The Company’s Board of Directors has authorized the repurchase of up to 13.0 million shares of common stock under the Company’s stock repurchase plan. This repurchase authorization is effective until terminated by the Board of Directors. During the year ended July 31, 2022, the Company repurchased 2.9 million shares for $170.6 million. During the year ended July 31, 2021, the Company repurchased 2.4 million shares for $142.2 million. As of July 31, 2022, the Company had remaining authorization to repurchase 5.4 million shares under this plan.

Treasury stock share activity was as follows:

	Year Ended July 31,
	2022	2021
Balance as of beginning of year	26,620,560	25,304,515
Stock repurchases	2,900,000	2,416,741
Net issuance upon exercise of stock options	(360,448)	(1,004,298)
Issuance under compensation plans	(52,678)	(82,998)
Other activity	(17,822)	(13,400)
Balance as of end of year	29,089,612	26,620,560

Dividends Paid and Declared

Dividends paid were 89.0 cents and 85.0 cents per common share for the years ended July 31, 2022 and 2021, respectively. On July 29, 2022, the Company’s Board of Directors declared a cash dividend in the amount of 23.0 cents per common share, payable August 31, 2022, to stockholders of record as of August 16, 2022.