Stock-Based Compensation (Tables)

6 Months Ended

Jan. 31, 2019

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	2019			2018
Expected term (in years)	6.20			6.07
Expected volatility	25.83		%	26.52		%
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 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, 2019, is presented below:



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	(799,529)	27.32
Forfeited or expired	(24,809)	37.37
Outstanding at January 31, 2019	1,956,533	$	30.71	6.7	$	26,750
Exercisable at January 31, 2019	1,378,591	$	26.87	5.7	$	24,141

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, 2019:



Service-Based RSUs	Shares		Weighted Average Grant Date Fair Value
Outstanding at July 31, 2018	342,856		$	29.05
New grants	78,254		44.00
Vested	(118,921	)	28.12
Forfeited	(24,228	)	30.53
Outstanding at January 31, 2019	277,961		$	33.52

The service-based RSUs granted during the six months ended January 31, 2018, had a weighted-average grant date fair value of $36.68 per share. The total fair value of service-based RSUs vested during the six months ended January 31, 2019 and 2018, was $5,125 and $5,002, 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 January 31, 2019	158,410	$	38.33

The performance-based RSUs granted during the six months ended January 31, 2018, had a weighted-average grant date fair value of $33.12 per share. The aggregate intrinsic value of unvested service-based and performance-based RSUs outstanding at January 31, 2019, and expected to vest was $19,510.