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Stock-based Payment Compensation
 3 Months Ended
Oct. 31, 2019
Share-based Payment Arrangement [Abstract]  
Stock-based Payment Compensation
NOTE 8 – 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 three months ended October 31, 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, 2019
 
14,552

 
$
26.29

 
6.04
 
$
745,592

Exercises
 
(4,710
)
 
17.81

 
 
 
 
Outstanding as of October 31, 2019
 
9,842

 
$
30.35

 
6.57
 
$
514,578

Exercisable as of October 31, 2019
 
6,051

 
$
21.95

 
5.56
 
$
367,269


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 9,841,658 at October 31, 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 three months ended October 31, 2019:
(In thousands, except per share data)
 
Restricted Shares
 
Weighted Average Grant Date Fair Value
Outstanding as of July 31, 2019
 
134

 
$
56.62

Grants of restricted stock
 
69

 
82.33

Forfeited restricted stock
 
(1
)
 
50.22

Outstanding as of October 31, 2019
 
202

 
$
65.34


The table below sets forth the stock-based compensation recognized by the Company for stock options and restricted stock awards:
 
 
Three Months Ended October 31,
(In thousands)
 
2019
 
2018
General and administrative
 
$
4,441

 
$
4,989

Yard operations
 
1,092

 
1,032

Total stock-based compensation
 
$
5,533

 
$
6,021


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.