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Common Stock Repurchases | 9 Months Ended
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Apr. 30, 2014
Common Stock Repurchases [Abstract] |
Common Stock Repurchases | NOTE 8 – Common Stock Repurchases On September 22, 2011, the Company's board of directors approved a 40 million share increase in the Company's stock repurchase program, bringing the total current authorization to 98 million shares. The repurchases may be effected through solicited or unsolicited transactions in the open market or in privately negotiated transactions. No time limit has been placed on the duration of the stock repurchase program. Subject to applicable securities laws, such repurchases will be made at such times and in such amounts as the Company deems appropriate and may be discontinued at any time. The Company did not repurchase its common stock during the nine months ended April 30, 2014. The Company repurchased 500,000 shares of its common stock during the nine months ended April 30, 2013, at a weighted average price of $27.77 per share totaling $13.9 million. The total number of shares repurchased under the program as of April 30, 2014 was 50,286,782, and 47,713,218 shares were available for repurchase under the program. The impact on dilutive earnings per share of all repurchased shares on the weighted average number of common shares outstanding for the nine months ended April 30, 2014 is less than $0.01. In the second quarter of fiscal 2013, certain executive officers exercised stock options through cashless exercises and in the first quarter of fiscal 2014, certain employees exercised stock options through cashless exercises. A portion of the options exercised were net settled in satisfaction of the exercise price and federal and state minimum statutory tax withholding requirements. The Company remitted $0.1 million and $0.6 million for the nine months ended April 30, 2014 and 2013, respectively, to the proper taxing authorities in satisfaction of the employees' minimum statutory withholding requirements. The exercised stock options are summarized in the following table:
Period |  | Options Exercised |  |  | Exercise Price |  |  | Shares Net Settled for Exercise |  |  | Shares Withheld for Taxes (1) |  |  | Net Shares to Employee |  |  | Share Price for Withholding |  |  | Tax Withholding (in 000s) |
FY 2013 - Q2 |  |  | 73,228 |  |  | $ | 8.89 |  |  |  | 18,127 |  |  |  | 17,461 |  |  |  | 37,640 |  |  | $ | 35.91 |  |  | $ | 627 |
FY 2014 - Q1 |  |  | 14,000 |  |  | $ | 16.43 |  |  |  | 7,241 |  |  |  | 2,519 |  |  |  | 4,240 |  |  | $ | 31.77 |  |  | $ | 80 |
(1) | Shares withheld for taxes are treated as a repurchase of shares for accounting purposes but do not count against the Company’s stock repurchase program.

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- Definition The entire disclosure for treasury stock, including, but not limited to, average cost per share, description of share repurchase program, shares repurchased, shares held for each class of treasury stock. + References No definition available. + Details
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