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Stock-Based Compensation (Tables)

6 Months Ended

Jan. 31, 2017

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

Summary of Stock-based Awards Outstanding by Award Type

As of January 31, 2017, the following stock-based awards, by award type, were outstanding:

Stock options	1,910,576
Performance shares	252,000
RSUs and restricted stock	308,217
Share units	7,759
Total	2,478,552

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,
		2017				2016			2017			2016
Cost of sales		$	58,000			100,000			106,000			163,000
Selling, general and administrative expenses		878,000				881,000			1,729,000			1,755,000
Research and development expenses		83,000				93,000			154,000			207,000
Stock-based compensation expense before income tax benefit		1,019,000				1,074,000			1,989,000			2,125,000
Estimated income tax benefit		(361,000		)		(347,000	)		(702,000	)		(712,000	)
Net stock-based compensation expense		$	658,000			727,000			1,287,000			1,413,000

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,
		2017				2016			2017			2016
Stock options		$	386,000			609,000			632,000			1,212,000
Performance shares		372,000				390,000			866,000			724,000
RSUs and restricted stock		224,000				35,000			412,000			106,000
ESPP		37,000				40,000			79,000			83,000
Stock-based compensation expense before income tax benefit		1,019,000				1,074,000			1,989,000			2,125,000
Estimated income tax benefit		(361,000		)		(347,000	)		(702,000	)		(712,000	)
Net stock-based compensation expense		$	658,000			727,000			1,287,000			1,413,000

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:

		Six months ended January 31,
		2017				2016
Actual income tax benefit recorded for the tax deductions relating to the settlement of stock-based awards		$	335,000			132,000
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		274,000				127,000
Excess income tax benefit from settled equity-classified stock-based awards recorded as an increase to additional paid-in capital and reported as a cash inflow from financing activities in our Condensed Consolidated Statements of Cash Flows		$	61,000			5,000

Summary of the Plan's activity relating to stock options

The following table summarizes the Plan's activity during the six months ended January 31, 2017:

		Awards (in Shares)			Weighted Average Exercise Price				Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at July 31, 2016		2,256,679			$	28.87
Expired/canceled		(118,505	)		27.34
Outstanding at October 31, 2016		2,138,174			28.96
Expired/canceled		(227,598	)		32.06
Outstanding at January 31, 2017		1,910,576			$	28.59			6.01		$	—
Exercisable at January 31, 2017		1,168,372			$	28.57			5.18		$	—
Vested and expected to vest at January 31, 2017		1,850,536			$	28.58			5.97		$	—

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 six months ended January 31, 2016 was $3.69 and $5.69, respectively, which was determined using the Black-Scholes option pricing model, and included the following weighted average assumptions:

		Three months ended			Six months ended
		January 31, 2016			January 31, 2016
Expected dividend yield		5.74	%		4.32	%
Expected volatility		34.76	%		34.27	%
Risk-free interest rate		1.64	%		1.54	%
Expected life (years)		5.04			5.16

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, 2016		217,213			$	28.32
Granted		418,684			13.10
Converted to common stock		(38,706	)		14.75
Forfeited		(5,155	)		25.10
Outstanding at October 31, 2016		592,036			17.80
Granted		2,632			11.40
Converted to common stock		(19,866	)		29.41
Forfeited		(6,826	)		19.65
Outstanding at January 31, 2017		567,976			$	17.34			$	6,094,000
Vested at January 31, 2017		35,400			$	26.94			$	380,000
Vested and expected to vest at January 31, 2017		542,282			$	17.34			$	5,819,000

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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 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.

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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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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.

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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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