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Stock-Based Compensation (Tables)
3 Months Ended
Oct. 31, 2018
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
 
2018
 
2017
Expected term (in years)
 
6.20

 
6.07

Expected volatility
 
25.83
%
 
28.19
%
Expected dividend yield
 
2.71
%
 
2.72
%
Risk-free interest rate
 
3.01
%
 
1.96
%
Weighted-average market value of underlying stock at grant date
 
$
43.96

 
$
36.85

Weighted-average exercise price
 
$
43.96

 
$
36.85

Weighted-average fair value of options granted during the period
 
$
9.70

 
$
7.96

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, 2018, is presented below:
Service-Based Options
 
Shares
 
Weighted
Average
Exercise
Price
 
Weighted
Average
Remaining
Contractual
Term
 
Aggregate
Intrinsic
Value
Outstanding at July 31, 2018
 
2,504,633
 
$
28.23

 
 
 
 
New grants
 
276,238
 
43.96

 
 
 
 
Exercised
 
(551,919)
 
26.88

 
 
 
 
Forfeited or expired
 
(5,407)
 
36.24

 
 
 
 
Outstanding at October 31, 2018
 
2,223,545
 
$
30.50

 
6.5
 
$
23,842

Exercisable at October 31, 2018
 
1,621,317
 
$
27.06

 
5.6
 
$
22,340

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, 2018:
Service-Based RSUs
 
Shares
 
Weighted
Average
Grant Date Fair Value
Outstanding at July 31, 2018
 
342,856

 
$
29.05

New grants
 
76,356

 
44.04

Vested
 
(111,194
)
 
28.15

Forfeited
 
(7,339
)
 
29.97

Outstanding at October 31, 2018
 
300,679

 
$
33.16

The service-based RSUs granted during the three months ended October 31, 2017, had a weighted-average grant date fair value of $35.14. The total fair value of service-based RSUs vested during the three months ended October 31, 2018 and 2017, was $4,795 and $4,736, respectively.
Performance-Based RSUs
 
Shares
 
Weighted
Average
Grant Date Fair Value
Outstanding at July 31, 2018
 
108,097

 
$
32.57

New grants
 
50,313

 
50.70

Vested
 

 

Forfeited
 

 

Outstanding at October 31, 2018
 
158,410

 
$
38.33

The performance-based RSUs granted during the three months ended October 31, 2017, had a weighted-average grant date fair value of $33.12. The aggregate intrinsic value of unvested service-based and performance-based RSUs outstanding at October 31, 2018 and expected to vest was $18,497.