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Stock-based Compensation | 6 Months Ended
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Jan. 31, 2014
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] |
Stock-based Compensation | NOTE 7 - 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 option activity for the Company's stock options for the six months ended January 31, 2014:
|  | Shares (in 000s) |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term |  |  | Aggregate Intrinsic Value (in 000s) |
Outstanding at July 31, 2013 |  |  | 14,922 |  |  | $ | 16.75 |  |  |  | 5.91 |  |  | $ | 235,086 |
Grants of options |  |  | 4,863 |  |  | $ | 35.73 |  |  |  |  |  |  |  |  |
Exercises |  |  | (291 | ) |  | $ | 16.42 |  |  |  |  |  |  |  |  |
Forfeitures or expirations |  |  | (77 | ) |  | $ | 15.42 |  |  |  |  |  |  |  |  |
Outstanding at January 31, 2014 |  |  | 19,417 |  |  | $ | 21.52 |  |  |  | 6.56 |  |  | $ | 254,817 |
Exercisable at January 31, 2014 |  |  | 12,592 |  |  | $ | 16.23 |  |  |  | 5.23 |  |  | $ | 227,287 |
As required by ASC 718, Compensation - Stock Compensation, the Company made an estimate of expected forfeitures and is recognizing compensation cost only for those equity awards expected to vest. The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the quoted price of our common stock for the 19,417,361 options that were in-the-money at January 31, 2014. The table below sets forth the stock-based compensation recognized by the Company (in thousands):
|  | Three Months Ended January 31, |  |  |  | Six Months Ended January 31, |
|  |  | 2014 |  |  |  | 2013 |  |  |  | 2014 |  |  |  | 2013 |
General and administrative |  | $ | 5,226 |  |  | $ | 4,245 |  |  | $ | 9,458 |  |  | $ | 8,815 |
Yard operations |  |  | 546 |  |  |  | 501 |  |  |  | 1,181 |  |  |  | 1,105 |
|  | $ | 5,772 |  |  | $ | 4,746 |  |  | $ | 10,639 |  |  | $ | 9,920 |
In October 2013, the Compensation Committee of the Company's Board of Directors, following stockholder approval of proposed grants at a meeting of stockholders, approved the grant to each of A. Jayson Adair, the Company's Chief Executive Officer, and Vincent W. Mitz, the Company's President, of nonqualified stock options to purchase 2,000,000 and 1,500,000 shares of the Company's common stock, respectively, at an exercise price of $35.62 per share which equaled the closing price of the Company's common stock on December 16, 2013, the effective date of grant. Such grants were made in lieu of any cash salary or bonus compensation in excess of $1.00 per year or the grant of any additional equity incentives for a five-year period. Each option will become exercisable over five years, subject to continued service by A. Jayson Adair and Vincent W. Mitz, with twenty percent (20%) vesting on April 15, 2015 and December 16, 2014, respectively, and the balance vesting monthly over the subsequent four years. Each option will become fully vested, assuming continued service, on April 15, 2019 and December 16, 2018, respectively. If, prior to a change in control, either executive's employment is terminated without cause, then one hundred percent (100%) of the shares subject to that executive's stock option will immediately vest. If, upon or following a change in control, either the Company or a successor entity terminates the executive's service without cause, or the executive resigns for good reason (as defined in the option agreement), then one hundred percent (100%) of the shares subject to his stock option will immediately vest. The value of each option at the date of grant was $11.43. The total estimated compensation expense to be recognized by the Company over the five year estimated service period is $40.0 million for both grants.

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + 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 Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
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