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Common stock repurchases
12 Months Ended
Jul. 31, 2014
Common stock repurchases

17. Common stock repurchases

On December 9, 2010, we announced that our board of directors had authorized the repurchase of up to $30.0 million of our common stock. During fiscal year 2012, we repurchased 286,390 shares of common stock under this repurchase program for $14.8 million at an average purchase price of $51.73 per share. The 2010 repurchase program was completed in the second quarter of fiscal year 2012. The cumulative shares that were repurchased and retired under the program were 586,679 shares of common stock for $30.0 million at an average price of $51.14 per share.

On December 8, 2011, we announced that our board of directors had authorized the repurchase of up to an additional $30.0 million of our common stock. During fiscal year 2014, we repurchased 166,361 shares of common stock under this repurchase program for $13.5 million at an average purchase price of $81.33 per share. During the fiscal year 2013, we repurchased and retired 111,816 shares of common stock under this repurchase program for $7.9 million at an average purchase price of $71.06 per share. The 2011 repurchase program was completed in the fourth quarter of fiscal year 2014. The cumulative shares that were repurchased and retired under the program were 415,768 shares of common stock for $30.0 million at an average price of $71.98 per share.

On June 2, 2014, our board of directors authorized the repurchase of up to $30.0 million of our common stock. The repurchase program will be funded by our available cash. The repurchase program does not have a fixed expiration date. As of July 31, 2014, we had repurchased and retired a total of 18,683 shares of common stock under this repurchase program for $1.4 million at an average purchase price of $76.22 per share.