Stock-Based Compensation (Tables)

6 Months Ended

Jan. 31, 2016

Text Block [Abstract]

Stock Option Assumptions

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	2016			2015
Expected term (in years)	6.11			6.05
Expected volatility	29.95		%	34.03		%
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	$	20.02		$	22.70
Weighted-average exercise price	$	20.02		$	22.70
Weighted-average fair value of options granted during the period	$	4.58		$	6.11

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, 2016 is presented below:

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	881,744	20.02
Exercised	(2,454)	21.73
Forfeited or expired	(375,756)	32.20
Outstanding at January 31, 2016	4,004,485	$	27.28	6.0	$	1,898,393
Exercisable at January 31, 2016	2,723,184	$	30.00	4.5	$	183,307

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

The following table summarizes the RSU activity under the Company's share-based compensation plans for the six months ended January 31, 2016:

Service-Based RSUs	Shares		Weighted Average Grant Date Fair Value
Outstanding at July 31, 2015	677,454		$	24.72
New grants	173,394		20.07
Vested	(72,164	)	25.12
Forfeited	(41,869	)	24.12
Outstanding at January 31, 2016	736,815		$	23.62

The service-based RSUs granted during the six months ended January 31, 2015 had a weighted-average grant date fair value of $23.57.

The aggregate intrinsic value of unvested RSUs expected to vest at January 31, 2016 was $16,534. The total fair value of RSUs vested during the six months ended January 31, 2016 and 2015, was $1,471 and $805, respectively.