Stock-Based Compensation (Tables)

6 Months Ended

Jan. 31, 2015

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



	Six months ended January 31,
Black-Scholes Option Valuation Assumptions	2015			2014
Expected term (in years)	6.05			5.97
Expected volatility	34.03		%	37.32		%
Expected dividend yield	2.48		%	2.35		%
Risk-free interest rate	1.91		%	1.80		%
Weighted-average market value of underlying stock at grant date	$	22.70		$	30.98
Weighted-average exercise price	$	22.70		$	30.98
Weighted-average fair value of options granted during the period	$	6.11		$	9.17

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 six months ended January 31, 2015 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	618,733	22.70
Exercised	(36,333)	22.82
Forfeited or expired	(1,048,929)	31.04
Outstanding at January 31, 2015	3,737,731	$	29.49	5.8	$	3,108,904
Exercisable at January 31, 2015	3,131,418	$	30.97	4.7	$	1,005,722

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 six months ended January 31, 2015:



Service-Based RSUs and Restricted Shares	Shares		Weighted Average Grant Date Fair Value
Outstanding at July 31, 2014	104,857		$	31.02
New grants	239,997		23.57
Vested	(34,247	)	30.79
Forfeited	(24,641	)	30.35
Outstanding at January 31, 2015	285,966		$	24.85

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 January 31, 2015	—		$	—