Stock Repurchase Plan

9 Months Ended

Apr. 30, 2016

Payments for Repurchase of Equity [Abstract]

Stock Repurchase Plan

Repurchase Program

On March 9, 2006, the Company’s Board of Directors approved a share repurchase program, authorizing the Company to repurchase up to 3,000,000 shares of common stock. On July 16, 2008, the Company’s Board of Directors increased the authorization by an additional 3,000,000 shares, and on December 4, 2015, the Company’s Board of Directors increased the authorization by an additional 1,500,000 shares for a total authorization to repurchase shares of up to 7,500,000 shares. During the three months ended April 30, 2016 and 2015, the Company repurchased 108,036 shares (at a total cost of $13.8 million) and zero shares of common stock, respectively. During the nine months ended April 30, 2016 and 2015, the Company repurchased 485,866 shares (at a total cost of $53.8 million) and zero shares of common stock, respectively. Since inception of its share repurchase program through April 30, 2016, the Company has repurchased 5,434,977 shares at a cost of approximately $247.0 million. As of April 30, 2016, 2,065,023 shares remained available to repurchase under the existing share repurchase program which has no expiration date. 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.