Shareholders' Equity

9 Months Ended

Apr. 30, 2015

Shareholders' Equity [Abstract]

Shareholders' Equity

Note E – Shareholders’ Equity

    The Company’s Board of Directors authorized the repurchase of up to 15.0 million shares of common stock on September 27, 2013.  During the three months ended April 30, 2015, the Company repurchased 717,000 shares for $27.0 million at an average price of $37.61 per share.  During the nine months ended April 30, 2015, the Company repurchased 5,103,000 shares for $201.2 million at an average price of $39.42 per share.  As of April 30, 2015, the Company had remaining authorization to repurchase up to 3.4 million shares.Subsequently, on May 29, 2015, the Board of Directors authorized the repurchase of 14.0 million shares of common stock under the stock repurchase plan dated May 29, 2015 and cancelled the remaining shares from the previously approved authorization.

On January 31, 2015, the Company’s Board of Directors declared a cash dividend in the amount of 16.5cents per common share, payable to stockholders of record on February 17, 2015. The dividend was paid on March 5, 2015. 

On May 29, 2015, the Company’s Board of Directors declared a cash dividend in the amount of 17.0 cents per common share, payable to stockholders of record on June 16, 2015.  The dividend will be paid on July 2, 2015.