Stock-Based Compensation (Tables)

9 Months Ended

Apr. 30, 2017

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	2017			2016
Expected term (in years)	6.11			6.11
Expected volatility	29.55		%	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	$	35.14		$	20.02
Weighted-average exercise price	$	35.14		$	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 nine months ended April 30, 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	378,939	35.14
Exercised	(856,057)	27.68
Forfeited or expired	(304,823)	35.06
Outstanding at April 30, 2017	2,932,098	$	27.44	6.1	$	34,919,577
Exercisable at April 30, 2017	1,882,244	$	28.37	4.8	$	20,664,011

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, 2017:



Service-Based RSUs	Shares		Weighted Average Grant Date Fair Value
Outstanding at July 31, 2016	678,381		$	23.57
New grants	93,355		35.13
Vested	(118,000	)	22.89
Forfeited	(47,235	)	24.35
Outstanding at April 30, 2017	606,501		$	25.42

The service-based RSUs granted during the nine months ended April 30, 2016, had a weighted-average grant date fair value of $20.07. The total fair value of service-based RSUs vested during the nine months ended April 30, 2017 and 2016, was $4,173 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 April 30, 2017	58,206	$	32.03

No performance-based RSUs were granted during the nine months ended April 30, 2016. The aggregate intrinsic value of unvested service-based and performance-based RSUs outstanding at April 30, 2017, and expected to vest, was $25,890.