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Stock-Based Compensation (Tables)
 3 Months Ended
Oct. 31, 2015
Share-based Arrangements with Employees and Nonemployees [Abstract]  
Black-Scholes Option Valuation Assumptions
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
 
2015
 
2014
Expected term (in years)
 
6.12

 
6.05

Expected volatility
 
28.59
%
 
30.27
%
Expected dividend yield
 
2.59
%
 
2.48
%
Risk-free interest rate
 
1.64
%
 
1.91
%
Weighted-average market value of underlying stock at grant date
 
$
19.97

 
$
22.66

Weighted-average exercise price
 
$
19.97

 
$
22.66

Weighted-average fair value of options granted during the period
 
$
4.58

 
$
6.10
Summary of Stock Option Activity
A summary of stock option activity under the Company’s share-based compensation plans for the three months ended October 31, 2015 is presented below:
Service-Based Options
 
Shares
 
Weighted
Average
Exercise
Price
 
Weighted
Average
Remaining
Contractual
Term
 
Aggregate
Intrinsic
Value
Outstanding at July 31, 2015
 
3,500,951
 
$
29.64

 
 
 
 
New grants
 
871,993
 
19.97

 
 
 
 
Exercised
 
0
 
—

 
 
 
 
Forfeited or expired
 
(152,462)
 
29.50

 
 
 
 
Outstanding at October 31, 2015
 
4,220,482
 
$
27.64

 
6.0
 
$
2,953

Exercisable at October 31, 2015
 
2,923,276
 
$
30.32

 
4.5
 
$
390
Summary of RSU Activity
The following table summarizes the RSU activity under the Company's share-based compensation plans for the three months ended October 31, 2015:
Service-Based RSUs
 
Shares
 
Weighted
Average
Grant Date Fair Value
Outstanding at July 31, 2015
 
677,454

 
$
24.72

New grants
 
168,566

 
19.98

Vested
 
(69,829
)
 
25.00

Forfeited
 
(28,194
)
 
24.00

Outstanding at October 31, 2015
 
747,997

 
$
23.66

The service-based RSUs granted during the three months ended October 31, 2014 had a weighted-average grant date fair value of $23.45.
The aggregate intrinsic value of unvested RSUs expected to vest at October 31, 2015 was $17,017. The total fair value of RSUs vested during the three months ended October 31, 2015 and 2014, was $1,419 and $762, respectively.