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Stock-based Payment Compensation
 6 Months Ended
Jan. 31, 2020
Share-based Payment Arrangement [Abstract]  
Stock-based Payment Compensation
NOTE 9 – Stock-based Compensation
The Company recognizes compensation expense for stock option awards on a straight-line basis over the requisite service period of the award. The following is a summary of activity for the Company’s stock options for the six months ended January 31, 2020:
(In thousands, except per share and term data)
 
Shares
 
Weighted Average Exercise Price
 
Weighted Average Remaining Contractual Term (In years)
 
Aggregate Intrinsic Value
Outstanding as of July 31, 2019
 
14,552

 
$
26.29

 
6.04
 
$
745,592

Grants of options
 
150

 
88.58

 
 
 
 
Exercises
 
(5,852
)
 
17.74

 
 
 
 
Forfeitures or expirations
 
(3
)
 
17.69

 
 
 
 
Outstanding as of January 31, 2020
 
8,847

 
$
33.01

 
6.56
 
$
605,592

Exercisable as of January 31, 2020
 
5,315

 
$
23.53

 
5.53
 
$
414,187


The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the quoted price of the Company’s common stock. The number of options that were in-the-money was 8,846,693 at January 31, 2020.
The Company recognizes compensation expense for restricted stock awards on a straight-line basis over the requisite service period of the award. The following is a summary of activity for the Company’s restricted stock for the six months ended January 31, 2020:
(In thousands, except per share data)
 
Restricted Shares
 
Weighted Average Grant Date Fair Value
Outstanding as of July 31, 2019
 
134

 
$
56.62

Grants of restricted stock
 
69

 
82.33

Vested restricted stock
 
(3
)
 
47.18

Forfeited restricted stock
 
(2
)
 
63.07

Outstanding as of January 31, 2020
 
198

 
$
65.58


The table below sets forth the stock-based compensation recognized by the Company for stock options and restricted stock awards:
 
 
Three Months Ended January 31,
 
Six Months Ended January 31,
(In thousands)
 
2020
 
2019
 
2020
 
2019
General and administrative
 
$
4,704

 
$
4,691

 
$
9,145

 
$
9,680

Yard operations
 
1,437

 
1,238

 
2,529

 
2,270

Total stock-based compensation
 
$
6,141

 
$
5,929

 
$
11,674

 
$
11,950


In accordance with ASC 718, Compensation – Stock Compensation, the Company made an estimate of expected forfeitures and recognized compensation cost only for those equity awards expected to vest.