Stock-Based Compensation (Tables)

3 Months Ended

Oct. 31, 2016

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	2016			2015
Expected term (in years)	6.11			6.12
Expected volatility	29.43		%	28.59		%
Expected dividend yield	2.70		%	2.59		%
Risk-free interest rate	1.26		%	1.64		%
Weighted-average market value of underlying stock at grant date	$	35.14		$	19.97
Weighted-average exercise price	$	35.14		$	19.97
Weighted-average fair value of options granted during the period	$	7.56		$	4.58

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, 2016 is presented below:

Service-Based Options	Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at July 31, 2016	3,708,706	$	27.33
New grants	376,924	35.14
Exercised	(337,300)	26.13
Forfeited or expired	(51,548)	25.23
Outstanding at October 31, 2016	3,696,782	$	28.26	5.9	$	20,600
Exercisable at October 31, 2016	2,616,609	$	29.31	4.5	$	12,069

Summary of RSU Activity

The following tables summarize the RSU activity under the Company's share-based compensation plans for the three months ended October 31, 2016:

Service-Based RSUs	Shares		Weighted Average Grant Date Fair Value
Outstanding at July 31, 2016	678,381		$	23.57
New grants	91,486		35.14
Vested	(106,380	)	22.50
Forfeited	(33,661	)	24.46
Outstanding at October 31, 2016	629,826		$	25.39

The service-based RSUs granted during the three months ended October 31, 2015 had a weighted-average grant date fair value of $19.98. The total fair value of service-based RSUs vested during the three months ended October 31, 2016 and 2015, was $5,079 and $1,419, respectively.

Performance-Based RSUs	Shares	Weighted Average Grant Date Fair Value
Outstanding at July 31, 2016	—	$	—
New grants	58,206	32.03
Vested	—	—
Forfeited	—	—
Outstanding at October 31, 2016	58,206	$	32.03

No performance-based RSUs were granted during the three months ended October 31, 2015. The aggregate intrinsic value of unvested service-based and performance-based RSUs outstanding at October 31, 2016 and expected to vest was $22,774.