Stock Repurchase Plan

9 Months Ended

Apr. 30, 2014

Payments for Repurchase of Equity [Abstract]

Stock Repurchase Plan

Stock Repurchase Plan

On March 9, 2006, the Company’s Board of Directors approved the repurchase of up to 3,000,000 shares of common stock and on July 16, 2008 approved an increase of the Company’s common stock repurchase authorization by an additional 3,000,000 shares. During both the three and nine months ended April 30, 2014 and 2013, the Company did not repurchase any shares of common stock. Since inception of its stock repurchase program through April 30, 2014, the Company has repurchased 4,949,111 shares at a cost of approximately $193.2 million. As of April 30, 2014, 1,050,889 shares remained available to repurchase under the existing repurchase authorization. Shares of common stock purchased pursuant to the repurchase program will be held as treasury shares and may be used for the issuance of shares under the Company’s employee share award plan.