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Stock-based Payment Compensation
 9 Months Ended
Apr. 30, 2020
Share-based Payment Arrangement [Abstract]  
Stock-based Payment Compensation
NOTE 9 – 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, 2020:
(In thousands, except per share and term data)SharesWeighted Average Exercise PriceWeighted Average Remaining Contractual Term (In years)Aggregate Intrinsic Value
Outstanding as of July 31, 201914,552  $26.29  6.04$745,592  
Grants of options150  88.58  
Exercises(6,898) 18.40  
Forfeitures or expirations(192) 29.77  
Outstanding as of April 30, 20207,612  $34.59  6.51$347,769  
Exercisable as of April 30, 20204,946  $27.20  5.72$262,110  
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 7,461,573 at April 30, 2020.
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, 2020:
(In thousands, except per share data)Restricted SharesWeighted Average Grant Date Fair Value
Outstanding as of July 31, 2019134  $56.62  
Grants of restricted stock69  82.33  
Vested restricted stock(34) 57.64  
Forfeited restricted stock(20) 59.01  
Outstanding as of April 30, 2020149  $67.87  
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)2020201920202019
General and administrative$4,113  $4,299  $13,258  $13,979  
Yard operations1,442  1,351  3,971  3,621  
Total stock-based compensation$5,555  $5,650  $17,229  $17,600  
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.