Stock-Based Compensation Plans (Tables)

12 Months Ended

Jul. 31, 2015

Stock-Based Compensation Plans [Abstract]

Stock Options

A summary of the status of the fixed awards at July 31, 2015, 2014 and 2013 and changes during the years ended on those dates is as follows:

	Shares			Weighted Average Exercise Price
Options outstanding, August1, 2012		679,745		$	3.80
Granted		142,227		$	4.52
Forfeited		(15,000	)	$	4.54
Exercised		(59,310	)	$	1.10
Options outstanding, July 31, 2013		747,662		$	3.23
Granted		117,500		$	3.64
Forfeited		--			--
Exercised		(50,000	)	$	1.17
Options outstanding July 31, 2014		815,162		$	4.25
Granted		353,000		$	3.49
Forfeited		(57,122	)	$	5.38
Exercised		(22,500	)	$	1.27
Options outstanding July 31, 2015		1,088,540		$	4.00

Options exercisable, July 31, 2015		624,455		$	4.06

A summary of the unvested awards outstanding at July 31, 2015 is as follows:

	Shares			Weighted-Average Grant Date Fair Value
Unvested options, beginning of period		232,863		$	3.50
Granted		353,000		$	2.56
Vested		(121,778	)	$	2.92
Unvested options, period end		464,085		$	2.91

Proceeds, related tax benefits realized from options exercised and the intrinsic value of options exercised were as follows (dollars in thousands), except exercise price:

	Fiscal Year Ended
	July 31, 2015		July 31, 2014		July 31, 2013
Proceeds of options exercised	$	29	$	59	$	65
Related tax benefit recognized		16		38		72
Intrinsic value of options exercised		23		48		56

Weighted average remaining life for options outstanding and weighted average exercise price per share for exercisable options

The following table provides information about options outstanding and exercisable options at July 31, 2015 (dollars in thousands):

	Options Outstanding		Exercisable Options
Aggregate intrinsic value	$	3,312	$	1,959
Weighted average contractual term	6.8 years		5.3 years

The weighted average remaining life for options outstanding and weighted average exercise price per share for exercisable options at July 31, 2015 were as follows:

	Options Outstanding			Exercisable Options
	Shares		Weighted Average Remaining Contractual Life (in years)	Shares		Weighted Average Remaining Contractual Life (in years)
<$ 2.00		102,083	4.0 years		102,083	4.0 Years
$2.01 to $3.00		40,000	2.3 years		40,000	2.3 Years
$3.01 to $4.00		497,500	8.5 years		144,377	6.7 Years
$4.01 to $5.00		229,813	5.7 years		186,307	5.4 Years
$5.01 to $6.21		219,144	6.0 years		151,689	5.5 Years
Total		1,088,540	6.8 years		624,455	5.3 Years

Assumptions used to derive weighted average fair value of options granted

The following table provides the assumptions used in the Black-Scholes model:

	Fiscal Year Ended July 31,
	2015			2014			2013
Expected average risk-free interest rate	2.10 to 2.19		%		2.90	%		1.72	%
Expected average life (in years)		10			10			10
Expected volatility		65.7	%		68.6	%		70.5	%
Expected dividend yield		0.0	%		0.0	%		0.0	%

Information about restricted stock grants

The following table provides information about restricted stock awards during the fiscal year ended July 31, 2015, 2014 and 2013:

	Number of Shares			Weighted Average Grant Date Fair Value
Balance as of August 1, 2012		431,778		$	3.82
Granted		70,307		$	4.52
Forfeited		(10,160	)	$	3.47
Vested		(86,677	)	$	4.57
Balance as of July 31, 2013		405,248		$	3.79
Granted		7,000		$	3.38
Forfeited		(2,335	)	$	3.88
Vested		(134,366	)	$	4.52
Balance as of July 31, 2014		275,547		$	3.42
Granted		208,000		$	3.43
Forfeited		(4,334	)	$	4.27
Vested		(189,399	)	$	2.47
Balance as of July 31, 2015		289,814		$	4.04

Compensation expense associated with stock-based compensation plans

Compensation expense associated with stock-based compensation plans as of July 31, 2015, 2014 and 2013 was as follows (dollars in thousands):

	July 31, 2015		July 31, 2014		July 31, 2013
Stock Options:
Directors	$	133	$	163	$	230
Employees		380		364		233
Total	$	513	$	527	$	463
Restricted Stock
Employees	$	361	$	426	$	413
Advisors		55		55		55
Total		416		481		468
Total Compensation Expense	$	929	$	1,008	$	931
Income Tax benefits from Share-based Compensation	$	238	$	331	$	285