Stock-Based Compensation (Tables)

6 Months Ended

Jan. 31, 2017

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	2017			2016
Expected term (in years)	6.11			6.11
Expected volatility	29.43		%	29.95		%
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	$	35.13		$	20.02
Weighted-average exercise price	$	35.13		$	20.02
Weighted-average fair value of options granted during the period	$	7.56		$	4.58

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, 2017, is presented below:



Options	Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at July 31, 2016	3,714,039	$	27.34
New grants	378,015	35.13
Exercised	(699,866)	26.65
Forfeited or expired	(292,529)	35.55
Outstanding at January 31, 2017	3,099,659	$	27.67	6.2	$	26,084,674
Exercisable at January 31, 2017	2,037,018	$	28.67	4.7	$	15,296,818

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, 2017:



Service-Based RSUs	Shares		Weighted Average Grant Date Fair Value
Outstanding at July 31, 2016	678,381		$	23.57
New grants	93,161		35.12
Vested	(109,687	)	22.60
Forfeited	(34,949	)	24.33
Outstanding at January 31, 2017	626,906		$	25.41

The service-based RSUs granted during the six months ended January 31, 2016, had a weighted-average grant date fair value of $20.07. The total fair value of service-based RSUs vested during the six months ended January 31, 2017 and 2016, was $3,853 and $1,471, 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 January 31, 2017	58,206	$	32.03

No performance-based RSUs were granted during the six months ended January 31, 2016. The aggregate intrinsic value of unvested service-based and performance-based RSUs outstanding at January 31, 2017, and expected to vest, was $24,904.