Stock-Based Compensation (Tables)

3 Months Ended

Oct. 31, 2014

The weighted-average assumptions used in the Black-Scholes valuation model are reflected in the following table:



	Three months ended October 31,
Black-Scholes Option Valuation Assumptions	2014			2013
Expected term (in years)	6.05			5.92
Expected volatility	30.27		%	37.41		%
Expected dividend yield	2.48		%	2.36		%
Risk-free interest rate	1.91		%	1.78		%
Weighted-average market value of underlying stock at grant date	$	22.66		$	31.07
Weighted-average exercise price	$	22.66		$	31.07
Weighted-average fair value of options granted during the period	$	6.10		$	9.18

Summary of Stock Option Activity under Company's Share-Based Compensation Plans

A summary of stock option activity under the Company’s share-based compensation plans for the three months ended October 31, 2014 is presented below:



Options	Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at July 31, 2014	4,204,260	$	30.82
New grants	612,427	22.66
Exercised	(3,500)	20.95
Forfeited or expired	(469,845)	29.81
Outstanding at October 31, 2014	4,343,342	$	29.79	5.4	$	1,175,785
Exercisable at October 31, 2014	3,339,992	$	30.94	4.2	$	584,528

Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block]

The following table summarizes the RSU and restricted share activity under the Company's share-based compensation plans for the three months ended October 31, 2014:



Service-Based RSUs and Restricted Shares	Shares		Weighted Average Grant Date Fair Value
Outstanding at July 31, 2014	104,857		$	31.02
New grants	224,398		23.45
Vested	(32,458	)	30.86
Forfeited	(19,477	)	31.28
Outstanding at October 31, 2014	277,320		$	24.90

Performance-Based RSUs and Restricted Shares	Shares		Weighted Average Grant Date Fair Value
Outstanding at July 31, 2014	80,000		$	32.50
New grants	—		—
Vested	—		—
Forfeited	(80,000	)	32.50
Outstanding at October 31, 2014	—		$	—