Debt (Tables)

9 Months Ended

Apr. 30, 2015

This amount has been classified as long-term as the underlying debt instrument has been classified as a long-term liability in the Company’s balance sheet. The issuance costs allocated to the equity component is recorded as a reduction to additional paid-in capital. The fair value of our Notes payable, calculated as of the closing price of the traded securities, was $90.8 million and $93.8 million as of April 30, 2015 and July 31, 2014, respectively. This value does not represent the settlement value of these long-term debt liabilities to us. The fair value of the Notes payable could vary each period based on fluctuations in market interest rates, as well as changes to our credit ratings. The Notes payable are traded and their fair values are based upon traded prices as of the reporting dates. As of April 30, 2015, the net carrying value of the Notes was $76.7 million.


	April 30, 2015			July 31, 2014
	(In thousands)
Carrying amount of equity component (net of allocated debt issuance costs)	$	27,177		$	27,177

Principal amount of Notes	$	100,000		$	100,000
Unamortized debt discount		(23,304	)		(26,609	)

Net carrying amount	$	76,696		$	73,391

Summary of Interest Expense Related to Convertible Notes

As of April 30, 2015, the remaining period over which the unamortized discount will be amortized is 46 months.


	Three Months Ended April 30,				Nine Months Ended April 30,
	2015		2014		2015		2014
	(In thousands)

Interest expense related to contractual interest coupon	$	1,313	$	680	$	3,939	$	680
Interest expense related to accretion of the discount		1,136		418		3,305		418
Interest expense related to debt issuance costs		100		51		288		51

	$	2,549	$	1,149	$	7,532	$	1,149