Stock-Based Compensation (Tables)

9 Months Ended

Apr. 30, 2018

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	2018			2017
Expected term (in years)	6.07			6.11
Expected volatility	26.52		%	29.55		%
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		$	35.14
Weighted-average exercise price	$	36.85		$	35.14
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 nine months ended April 30, 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	(400,282)	30.95
Forfeited or expired	(106,715)	31.46
Outstanding at April 30, 2018	2,736,850	$	27.98	6.0	$	24,032
Exercisable at April 30, 2018	1,950,754	$	26.63	5.0	$	19,750

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, 2018:



Service-Based RSUs	Shares		Weighted Average Grant Date Fair Value
Outstanding at July 31, 2017	517,108		$	25.61
New grants	93,118		36.79
Vested	(137,302	)	24.73
Forfeited	(42,556	)	27.10
Outstanding at April 30, 2018	430,368		$	28.16

The service-based RSUs granted during the nine months ended April 30, 2017, had a weighted-average grant date fair value of $35.13 per share. The total fair value of service-based RSUs vested during the nine months ended April 30, 2018 and 2017, was $5,004 and $4,173, 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	(6,399	)	32.57
Outstanding at April 30, 2018	108,097		$	32.57

The performance-based RSUs granted during the nine months ended April 30, 2017, had a weighted-average grant date fair value of $32.03 per share. The aggregate intrinsic value of unvested service-based and performance-based RSUs outstanding at April 30, 2018, and expected to vest was $19,600.