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Stock-based Payment Compensation | 9 Months Ended
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Apr. 30, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Stock-based Payment 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 activity for the Company’s stock options for the nine months ended April 30, 2019:
(In thousands, except per share and term data) |  | Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (In years) |  | Aggregate Intrinsic Value
Outstanding as of July 31, 2018 |  | 17,797 |  |  | $ | 20.29 |  |  | 6.19 |  | $ | 660,268 |
Grants of options |  | 1,900 |  |  | 57.40 |  |  |  |  |
Exercises |  | (4,054 | ) |  | 17.44 |  |  |  |  |
Forfeitures or expirations |  | (112 | ) |  | 26.42 |  |  |  |  |
Outstanding as of April 30, 2019 |  | 15,531 |  |  | $ | 25.53 |  |  | 6.17 |  | $ | 649,020 |
Exercisable as of April 30, 2019 |  | 10,942 |  |  | $ | 19.23 |  |  | 5.23 |  | $ | 526,234 |
The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the quoted price of the Company’s common stock. The number of options that were in-the-money was 15,533,034 at April 30, 2019. The Company recognizes compensation expense for restricted stock awards on a straight-line basis over the requisite service period of the award. The following is a summary of activity for the Company’s restricted stock for the nine months ended April 30, 2019:
(In thousands, except per share data) |  | Restricted Shares |  | Weighted Average Grant Date Fair Value
Outstanding as of July 31, 2018 |  | 28 |  |  | $ | 36.12 |
Grants of restricted stock |  | 162 |  |  | 55.57 |
Vested restricted stock |  | (2 | ) |  | 44.13 |
Forfeited restricted stock |  | (2 | ) |  | 44.74 |
Outstanding as of April 30, 2019 |  | 186 |  |  | $ | 52.84 |
The table below sets forth the stock-based compensation recognized by the Company for stock options and restricted stock awards:
|  | Three Months Ended April 30, |  | Nine Months Ended April 30,
(In thousands) |  | 2019 |  | 2018 |  | 2019 |  | 2018
General and administrative |  | $ | 4,299 |  |  | $ | 4,883 |  |  | $ | 13,979 |  |  | $ | 14,327 |
Yard operations |  | 1,351 |  |  | 1,058 |  |  | 3,621 |  |  | 2,912 |
Total stock-based compensation |  | $ | 5,650 |  |  | $ | 5,941 |  |  | $ | 17,600 |  |  | $ | 17,239 |
In accordance with ASC 718, Compensation – Stock Compensation, the Company made an estimate of expected forfeitures and recognized compensation cost only for those equity awards expected to vest. In October 2013, the Compensation Committee of the Company’s Board of Directors, subject to stockholder approval (which was subsequently obtained at the December 16, 2013 annual meeting of stockholders), approved the grant to each of the Company’s former President, and A. Jayson Adair, the Company’s Chief Executive Officer, of nonqualified stock options to purchase 3,000,000 and 4,000,000 shares of the Company’s common stock, respectively, at an exercise price of $17.81 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 became exercisable over five year s, subject to continued service by Mr. Adair and the Company’s former President, with 20% vesting on April 15, 2015 and December 16, 2014, respectively, and the balance vesting monthly over the subsequent four years. On December 16, 2018, the option held by the Company’s former President became fully vested and on April 15, 2019, the option held by Mr. Adair became fully vested. The fair value of each option at the date of grant using the Black-Scholes Merton option-pricing model was $5.72. The total compensation expense recognized by the Company over the five year service period for these options was $38.8 million. The Company recognized $4.3 million and $5.4 million in compensation expenses for these grants in the nine months ended April 30, 2019 and 2018, respectively.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -URI http://asc.fasb.org/subtopic&trid=2208855 + Details
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