Stock-based compensation expense related to stock options and Stock Awards is included in the Company’s condensed consolidated statements of operations as follows (in thousands):


	Three Months Ended October 31,
	2021		2020
Stock-based compensation expense	$	32,533	$	28,394
Net impact of deferred stock-based compensation	(293)		(310)
Total stock-based compensation expense, net	$	32,240	$	28,084
Stock-based compensation expense is included in the following categories:
Cost of subscription and support revenue	$	3,348	$	2,602
Cost of license revenue	182		251
Cost of services revenue	5,637		5,543
Research and development	8,614		7,247
Sales and marketing	7,489		5,977
General and administrative	6,970		6,464
Total stock-based compensation expense	$	32,240	$	28,084

Total unrecognized stock-based compensation expense as of October 31, 2021 related to Stock Awards is $361.3 million, that will be recognized over a weighted average period of 2.9 years.

A summary of the Company’s Stock Awards activity under the Company’s equity incentive plans is as follows:


	Stock Awards Outstanding
	Number of Stock Awards Outstanding	Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value (in thousands)(1)
Balance as of July 31, 2021	2,394,968	$	107.15	$	275,900
Granted	1,512,995	$	119.97
Released	(335,653)	$	99.22	$	40,270
Canceled	(88,420)	$	107.92
Balance as of October 31, 2021	3,483,890	$	113.47	$	438,029
Expected to vest as of October 31, 2021	3,483,890	$	113.47	$	438,029

(1) Aggregate intrinsic value at each period end represents the total market value of Stock Awards at the Company’s closing stock price of $125.73 and $115.20 on October 31, 2021 and July 31, 2021, respectively. Aggregate intrinsic value for released Stock Awards represents the total market value of released Stock Awards at date of release.

Certain executives and employees of the Company received PSUs and TSR PSUs in addition to RSUs. PSUs awarded in fiscal years 2021 and 2022 will vest over three years with 50% vesting annually over the three year period and the remaining 50% vesting at the end of the third year. The TSR PSUs are subject to total shareholder return rankings of the Company's common stock relative to the software companies in the S&P Index for a specified period or periods, and vest at the end of three years. The Company recognized stock-based compensation related to these performance-based and market-based stock awards of $4.0 million and $3.3 million for the three months ended October 31, 2021 and 2020, respectively.

Stock option activity under the Company’s equity incentive plans is as follows:


	Stock Options Outstanding
	Number of Stock Options Outstanding	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value(1)
				(in years)	(in thousands)
Balance as of July 31, 2021	25,278	$	17.39	5.0	$	2,472
Granted	—
Exercised	(1,518)	$	10.90		$	168
Canceled	—
Balance at October 31, 2021	23,760	$	17.81	4.1	$	2,564
Vested and expected to vest as of October 31, 2021	23,760	$	17.81	4.1	$	2,564
Exercisable as of October 31, 2021	23,760	$	17.81	4.1	$	2,564

(1) Aggregate intrinsic value at each period end represents the difference between the Company’s closing stock price of $125.73 and $115.20 on October 31, 2021 and July 31, 2021, respectively, and the exercise price of outstanding options. Aggregate intrinsic value for exercised options represents the difference between the Company’s stock price at date of exercise and the exercise price.

As of October 31, 2021 and July 31, 2021, the Company was authorized to issue 500,000,000 shares of common stock with a par value of $0.0001 per share and, of these, 83,305,156 and 83,194,157 shares of common stock were issued and outstanding, respectively.

As of October 31, 2021 and July 31, 2021, the Company had reserved shares of common stock for future issuance as follows:


	October 31, 2021	July 31, 2021
Exercise of stock options to purchase common stock	23,760	25,278
Vesting of stock awards	3,483,890	2,394,968
Shares available under stock plans	3,590,878	5,014,069
Total common stock reserved for issuance	7,098,528	7,434,315

On December 15, 2020, the Company’s stockholders adopted the 2020 Stock Plan (“2020 Plan”) for the purpose of granting equity-based incentive awards. The Company initially reserved 5,000,000 shares of its common stock for the issuance of awards under the 2020 Plan. The shares available for issuance are subject to adjustment in the event of a stock split, stock dividend or other defined changes in the Company’s capitalization. The 2020 Plan replaced the Company’s 2011 Stock Plan; however, awards outstanding under the 2011 Stock Plan will continue to be governed by their existing terms.

The shares the Company issues under the 2020 Plan will be from the Company's pool of authorized but unissued shares. The shares of common stock underlying any awards under the 2011 Plan that are forfeited, canceled, held back upon exercise or settlement of an award to cover the exercise price or tax withholding, reacquired by the Company prior to vesting, satisfied without any issuance of stock or are otherwise terminated (other than by exercise) are added back to the shares of stock available for issuance under the 2020 Plan.

In October 2020, the Company's board of directors authorized and approved a stock repurchase program of up to $200.0 million of the Company's outstanding common stock. Stock repurchases under the program may be made from time to time, in the open market, in privately negotiated transactions and otherwise, at the discretion of management of the Company and in accordance with applicable federal securities laws, including Rule 10b-18 of the Exchange Act, and other applicable legal requirements. Such repurchases may also be made in compliance with Rule 10b5-1 trading plans entered into by the Company.

During the three months ended October 31, 2021, the Company repurchased 226,172 shares of common stock at an average price of $116.12 per share, for an aggregate purchase price of $26.3 million. As of October 31, 2021, $11.2 million remained available for future share repurchases.