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Stock-Based Compensation (Tables)

9 Months Ended

Apr. 30, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of Stock-based Awards Outstanding by Award Type

As of April 30, 2016, the following stock-based awards, by award type, were outstanding:

	April 30, 2016
Stock options	2,362,198
Performance shares	183,665
RSUs and restricted stock	39,799
Share units	8,503
Total	2,594,165

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 April 30,							Nine months ended April 30,
		2016				2015			2016			2015
Cost of sales		$	70,000			71,000			233,000			204,000
Selling, general and administrative expenses		875,000				1,005,000			2,630,000			2,963,000
Research and development expenses		96,000				168,000			303,000			475,000
Stock-based compensation expense before income tax benefit		1,041,000				1,244,000			3,166,000			3,642,000
Estimated income tax benefit		(391,000		)		(432,000	)		(1,103,000	)		(1,283,000	)
Net stock-based compensation expense		$	650,000			812,000			2,063,000			2,359,000

Summary of net stock-based compensation expense by award type

Stock-based compensation expense, by award type, is summarized as follows:

		Three months ended April 30,							Nine months ended April 30,
		2016				2015			2016			2015
Stock options		$	591,000			778,000			1,803,000			2,267,000
Performance shares		369,000				308,000			1,093,000			883,000
ESPP		35,000				52,000			118,000			158,000
RSUs and restricted stock		46,000				106,000			152,000			306,000
Share units		—				—			—			28,000
Stock-based compensation expense before income tax benefit		1,041,000				1,244,000			3,166,000			3,642,000
Estimated income tax benefit		(391,000		)		(432,000	)		(1,103,000	)		(1,283,000	)
Net stock-based compensation expense		$	650,000			812,000			2,063,000			2,359,000

Components of actual Income tax benefit recognized for tax deductions relating to settlement of stock-based awards

The following table reconciles the actual income tax benefit recognized for tax deductions relating to the settlement of stock-based awards to the excess income tax benefit reported as a cash flow from financing activities in our Condensed Consolidated Statements of Cash Flows:

		Nine months ended April 30,
		2016				2015
Actual income tax benefit recorded for the tax deductions relating to the settlement of stock-based awards		$	150,000			1,032,000
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		127,000				892,000
Excess income tax benefit recorded as an increase to additional paid-in capital		23,000				140,000
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		—				—
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		$	23,000			140,000

Summary of the Plan's activity relating to stock options

The following table summarizes the Plan's activity during the nine months ended April 30, 2016:

		Awards (in Shares)			Weighted Average Exercise Price				Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at July 31, 2015		2,119,683			$	29.33
Granted		480,265			28.00
Expired/canceled		(182,250	)		29.84
Exercised		(19,200	)		27.24
Outstanding at October 31, 2015		2,398,498			29.04
Granted		10,000			20.90
Expired/canceled		(58,240	)		28.84
Outstanding at January 31, 2016		2,350,258			29.01
Granted		43,000			21.50
Expired/canceled		(31,060	)		29.34
Outstanding at April 30, 2016		2,362,198			$	28.87			6.70		$	149,000
Exercisable at April 30, 2016		1,042,962			$	28.59			5.17		$	—
Vested and expected to vest at April 30, 2016		2,287,266			$	28.85			6.65		$	142,000

Certain weighted average assumptions used to estimate the fair value of stock-based awards

The estimated per-share weighted average grant-date fair value of stock options granted during the three and nine months ended April 30, 2016 was $3.95 and $5.55, respectively, and $4.53 and $6.13, respectively, during the three and nine months ended April 30, 2015, which was determined using the Black-Scholes option pricing model, and included the following weighted average assumptions:

		Three months ended April 30,						Nine months ended April 30,
		2016			2015			2016			2015
Expected dividend yield		5.58	%		4.09	%		4.42	%		3.55	%
Expected volatility		35.80	%		27.00	%		34.39	%		28.12	%
Risk-free interest rate		1.39	%		1.37	%		1.53	%		1.61	%
Expected life (years)		5.04			5.22			5.15			5.45

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, 2015		224,165			$	28.26
Granted		62,440			28.35
Converted to common stock		(6,988	)		25.28
Forfeited		(45,154	)		28.14
Outstanding at October 31, 2015		234,463			28.39
Converted to common stock		(4,725	)		26.77
Forfeited		(5,333	)		29.07
Outstanding at January 31, 2016		224,405			28.41
Granted		9,000			21.50
Forfeited		(1,438	)		28.35
Outstanding at April 30, 2016		231,967			$	28.14			$	5,614,000
Vested at April 30, 2016		31,181			$	27.15			$	755,000
Vested and expected to vest at April 30, 2016		220,551			$	28.14			$	5,337,000

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Components of actual income tax benefit recognized for tax deductions relating to the settlement of stock-based awards.

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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.

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-Publisher FASB
-Name Accounting Standards Codification
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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.

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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.

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