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TREASURY STOCK
9 Months Ended
Apr. 30, 2012
Stockholders' Equity Note [Abstract]  
TREASURY STOCK
TREASURY STOCK
On October 16, 2008, the board authorized an expenditure of $350,000 to repurchase shares. On September 26, 2011, the board authorized an additional $250,000. The Company’s shares may be purchased over time, as market and business conditions warrant. There is no time restriction on these authorizations. There were no share repurchases during the nine months ended April 30, 2012. As of April 30, 2012, $453,037 remains to be expended under the current board repurchase authorizations. Repurchased shares are held in treasury for use in connection with the Company’s stock plans and for general corporate purposes.
During the nine months ended April 30, 2012, 1,156 shares were issued under the Company’s stock-based compensation plans. At April 30, 2012, the Company held 11,807 treasury shares.