Stock-Based Compensation (Tables)

6 Months Ended

Jan. 31, 2018

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	2018			2017
Expected term (in years)	6.07			6.11
Expected volatility	26.52		%	29.43		%
Expected dividend yield	2.72		%	2.70		%
Risk-free interest rate	1.96		%	1.26		%
Weighted-average market value of underlying stock at grant date	$	36.85		$	35.13
Weighted-average exercise price	$	36.85		$	35.13
Weighted-average fair value of options granted during the period	$	7.96		$	7.56

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, 2018, is presented below:



Options	Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at July 31, 2017	2,879,801	$	27.40
New grants	364,046	36.85
Exercised	(397,402)	31.01
Forfeited or expired	(62,125)	32.25
Outstanding at January 31, 2018	2,784,320	$	28.01	6.3	$	28,850
Exercisable at January 31, 2018	1,962,475	$	26.61	5.3	$	23,097

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, 2018:



Service-Based RSUs	Shares		Weighted Average Grant Date Fair Value
Outstanding at July 31, 2017	517,108		$	25.61
New grants	86,032		36.68
Vested	(137,237	)	24.73
Forfeited	(23,423	)	26.92
Outstanding at January 31, 2018	442,480		$	27.97

The service-based RSUs granted during the six months ended January 31, 2017, had a weighted-average grant date fair value of $35.12. The total fair value of service-based RSUs vested during the six months ended January 31, 2018 and 2017, was $5,002 and $3,853, respectively.



Performance-Based RSUs	Shares	Weighted Average Grant Date Fair Value
Outstanding at July 31, 2017	58,206	$	32.03
New grants	56,290	33.12
Vested	—	—
Forfeited	—	—
Outstanding at January 31, 2018	114,496	$	32.57

The performance-based RSUs granted during the six months ended January 31, 2017, had a weighted-average grant date fair value of $32.03. The aggregate intrinsic value of unvested service-based and performance-based RSUs outstanding at January 31, 2018, and expected to vest was $21,304.