Stock-Based Compensation (Tables)

9 Months Ended

Apr. 30, 2016

Text Block [Abstract]

Stock Option Assumptions

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

	Nine months ended April 30,
Black-Scholes Option Valuation Assumptions	2016			2015
Expected term (in years)	6.11			6.06
Expected volatility	29.95		%	34.05		%
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		$	22.73
Weighted-average exercise price	$	20.02		$	22.73
Weighted-average fair value of options granted during the period	$	4.58		$	6.12

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 nine months ended April 30, 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	(28,782)	23.04
Forfeited or expired	(449,029)	30.90
Outstanding at April 30, 2016	3,904,884	$	27.37	5.7	$	7,963,025
Exercisable at April 30, 2016	2,679,527	$	30.09	4.2	$	1,483,578

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 nine months ended April 30, 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	(53,214	)	23.77
Outstanding at April 30, 2016	725,470		$	23.64

The service-based RSUs granted during the nine months ended April 30, 2015 had a weighted-average grant date fair value of $23.59.

The aggregate intrinsic value of unvested RSUs expected to vest at April 30, 2016 was $19,218. The total fair value of RSUs vested during the nine months ended April 30, 2016 and 2015, was $1,471 and $805, respectively.