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Stock-Based Compensation (Tables) | 6 Months Ended
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Jan. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Summary of Stock-based Awards Outstanding by Award Type | As of January 31, 2014, the following stock-based awards, by award type, were outstanding:
| January 31, 2014
Stock options | 2,737,445 |
Performance shares | 117,210 |
RSUs and restricted stock | 37,326 |
Share units | 6,874 |
SARs | 7,000 |
Total | 2,905,855 |
Stock-based compensation for awards detailing where recorded in Condensed Consolidated Statement of Operations | Stock-based compensation for awards issued is reflected in the following line items in our Condensed Consolidated Statements of Operations:
|  | Three months ended January 31, |  | Six months ended January 31,
|  | 2014 |  | 2013 |  | 2014 |  | 2013
Cost of sales |  | $ | 84,000 |  |  | 74,000 |  |  | 137,000 |  |  | 119,000 |
Selling, general and administrative expenses |  | 832,000 |  |  | 614,000 |  |  | 1,603,000 |  |  | 1,215,000 |
Research and development expenses |  | 153,000 |  |  | 118,000 |  |  | 276,000 |  |  | 217,000 |
Stock-based compensation expense before income tax benefit |  | 1,069,000 |  |  | 806,000 |  |  | 2,016,000 |  |  | 1,551,000 |
Estimated income tax benefit |  | (403,000 | ) |  | (346,000 | ) |  | (749,000 | ) |  | (610,000 | )
Net stock-based compensation expense |  | $ | 666,000 |  |  | 460,000 |  |  | 1,267,000 |  |  | 941,000 |
Summary of net stock-based compensation expense by award type | Stock-based compensation expense, by award type, is summarized as follows:
|  | Three months ended January 31, |  | Six months ended January 31,
|  | 2014 |  | 2013 |  | 2014 |  | 2013
Stock options |  | $ | 719,000 |  |  | 638,000 |  |  | 1,367,000 |  |  | 1,211,000 |
Performance shares |  | 230,000 |  |  | 86,000 |  |  | 407,000 |  |  | 172,000 |
ESPP |  | 43,000 |  |  | 48,000 |  |  | 88,000 |  |  | 101,000 |
RSUs and restricted stock |  | 68,000 |  |  | 28,000 |  |  | 136,000 |  |  | 60,000 |
Share units |  | 6,000 |  |  | 6,000 |  |  | 12,000 |  |  | 12,000 |
Equity-classified stock-based compensation expense |  | 1,066,000 |  |  | 806,000 |  |  | 2,010,000 |  |  | 1,556,000 |
Liability-classified stock-based compensation expense (benefit) (SARs) |  | 3,000 |  |  | — |  |  | 6,000 |  |  | (5,000 | )
Stock-based compensation expense before income tax benefit |  | 1,069,000 |  |  | 806,000 |  |  | 2,016,000 |  |  | 1,551,000 |
Estimated income tax benefit |  | (403,000 | ) |  | (346,000 | ) |  | (749,000 | ) |  | (610,000 | )
Net stock-based compensation expense |  | $ | 666,000 |  |  | 460,000 |  |  | 1,267,000 |  |  | 941,000 |
Components of actual Income tax benefit recognized for tax deductions relating to settlement of stock-based awards | The following table provides the components of the actual income tax benefit recognized for tax deductions relating to the settlement of stock-based awards:
|  | Six months ended January 31,
|  | 2014 |  | 2013
Actual income tax benefit recorded for the tax deductions relating to the settlement of stock-based awards |  | $ | 174,000 |  |  | 79,000 |
Less: Tax benefit initially recognized on settled stock-based awards vesting subsequent to the adoption of accounting standards that require us to expense stock-based awards, excluding income tax shortfalls |  | 145,000 |  |  | 60,000 |
Excess income tax benefit recorded as an increase to additional paid-in capital |  | 29,000 |  |  | 19,000 |
Less: Tax benefit initially disclosed but not previously recognized on settled equity-classified stock-based awards vesting prior to the adoption of accounting standards that require us to expense stock-based awards, excluding income tax shortfalls |  | 13,000 |  |  | — |
Excess income tax benefit from settled equity-classified stock-based awards reported as a cash flow from financing activities in our Condensed Consolidated Statements of Cash Flows |  | $ | 16,000 |  |  | 19,000 |
Summary of the Plan's activity relating to stock options (including SARs) | The following table summarizes the Plan's activity (including SARs) during the six months ended January 31, 2014:
|  | Awards (in Shares) |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value
Outstanding at July 31, 2013 |  | 3,047,910 |  |  | $ | 29.94 |  |  |  |  |
Granted |  | 247,000 |  |  | 27.23 |  |  |  |  |
Expired/canceled |  | (413,240 | ) |  | 45.66 |  |  |  |  |
Exercised |  | (4,050 | ) |  | 19.54 |  |  |  |  |
Outstanding at October 31, 2013 |  | 2,877,620 |  |  | 27.46 |  |  |  |  |
Granted |  | 11,000 |  |  | 31.29 |  |  |  |  |
Expired/canceled |  | (52,800 | ) |  | 27.80 |  |  |  |  |
Exercised |  | (91,375 | ) |  | 27.14 |  |  |  |  |
Outstanding at January 31, 2014 |  | 2,744,445 |  |  | $ | 27.48 |  |  | 5.47 |  | $ | 8,134,000 |
Exercisable at January 31, 2014 |  | 1,408,803 |  |  | $ | 27.18 |  |  | 3.00 |  | $ | 4,612,000 |
Vested and expected to vest at January 31, 2014 |  | 2,678,766 |  |  | $ | 27.47 |  |  | 5.42 |  | $ | 7,971,000 |
Certain weighted average assumptions used to estimate the fair value of stock-based awards |
|  | Three months ended January 31, |  | Six months ended January 31,
|  | 2014 |  | 2013 |  | 2014 |  | 2013
Expected dividend yield |  | 3.84 | % |  | 4.29 | % |  | 4.03 | % |  | 4.29 | %
Expected volatility |  | 32.00 | % |  | 37.00 | % |  | 32.85 | % |  | 37.00 | %
Risk-free interest rate |  | 1.50 | % |  | 0.61 | % |  | 1.39 | % |  | 0.61 | %
Expected life (years) |  | 5.31 |  |  | 5.31 |  |  | 5.44 |  |  | 5.31 |
Summary of the Plan's activity relating to performance shares, RSUs, restricted stock and share units | The following table summarizes the Plan's activity relating to performance shares, RSUs, restricted stock and share units:
|  | Awards (in Shares) |  | Weighted Average Grant Date Fair Value |  | Aggregate Intrinsic Value
Outstanding at July 31, 2013 |  | 102,334 |  |  | $ | 25.80 |  |  |
Granted |  | 68,167 |  |  | 24.58 |  |  |
Converted to common stock |  | (4,509 | ) |  | 26.25 |  |  |
Outstanding at October 31, 2013 |  | 165,992 |  |  | 25.28 |  |  |
Granted |  | 4,988 |  |  | 31.32 |  |  |
Converted to common stock |  | — |  |  | — |  |  |
Forfeited |  | (9,570 | ) |  | 24.82 |  |  |
Outstanding at January 31, 2014 |  | 161,410 |  |  | $ | 25.50 |  |  | $ | 4,910,000 |
Vested at January 31, 2014 |  | 12,529 |  |  | $ | 26.93 |  |  | $ | 381,000 |
Vested and expected to vest at January 31, 2014 |  | 156,337 |  |  | $ | 25.51 |  |  | $ | 4,756,000 |

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- Definition Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph 64, 65, A240 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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- Definition Tabular disclosure of the allocation of equity-based compensation costs to a given line item on the balance sheet and income statement for the period. This may include the reporting line for the costs and the amount capitalized and expensed. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph 64 -Subparagraph b -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 14.F) -URI http://asc.fasb.org/extlink&oid=6793087&loc=d3e301413-122809 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph A240 -Subparagraph g(1) -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 -Section F Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
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- Definition Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for stock options and stock appreciation rights that were outstanding at the beginning and end of the year, exercisable at the end of the year, and the number of stock options and stock appreciation rights that were granted, exercised or converted, forfeited, and expired during the year. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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