Shareholders' Equity

9 Months Ended

Apr. 30, 2014

Shareholders' Equity [Abstract]

Shareholders' Equity

Note E – Shareholders’ Equity

    The Company’s Board of Directors authorized the repurchase of 15.0 million shares of common stock on September 25, 2013.  During the three months ended April 30, 2014, the Company repurchased 2,400,000 shares for $99.5 million at an average price of $41.48 per share.  During the nine months ended April 30, 2014, the Company repurchased 4,039,000 shares for $165.9 million at an average price of $41.07 per share.  As of April 30, 2014, the Company had remaining authorization to repurchase up to 11.3 million shares.

On May 21, 2014, the Company’s Board of Directors declared a cash dividend in the amount of $0.165 per common share, payable to stockholders of record on June 6, 2014.  The dividend will be paid on June 20, 2014.