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Accounting for Stock-Based Compensation | 9 Months Ended
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Apr. 30, 2016
Share-based Compensation [Abstract] |
Accounting for Stock-Based Compensation | Accounting for Stock-Based Compensation Stock-based compensation expense is recognized using the fair-value method for all awards. The Company determines the fair value of its option awards using the Black-Scholes option pricing model. Options granted are priced at the fair market value of the Company's stock on the date of grant. There were 966,950 stock options awarded during the nine months ended April 30, 2016. The weighted average fair value for options granted during the nine months ended April 30, 2016 and 2015 was $7.10 and $9.94 per share, respectively. For the three and nine months ended April 30, 2016, the Company recorded pre-tax stock-based compensation expense associated with stock options of $1.2 million and $5.6 million, respectively, and recorded $0.3 million and $1.7 million, respectively, of related tax benefits. For the three and nine months ended April 30, 2015, the Company recorded pre-tax stock-based compensation expense associated with stock options of $1.3 million and $8.2 million, respectively, and recorded $0.4 million and $2.7 million, respectively, of related tax benefits. The following table summarizes stock option activity during the nine months ended April 30, 2016:
| Options Outstanding |  | Weighted Average Exercise Price
Outstanding at July 31, 2015 | 7,191,442 |  |  | $ | 29.38 |
Granted | 966,950 |  |  | $ | 28.16 |
Exercised | (643,199 | ) |  | $ | 18.96 |
Canceled | (389,961 | ) |  | $ | 36.97 |
Outstanding at April 30, 2016 | 7,125,232 |  |  | $ | 29.75 |
The total intrinsic value of options exercised during the nine months ended April 30, 2016 and 2015 was $7.4 million and $17.1 million, respectively. The following table summarizes information concerning outstanding and exercisable options as of April 30, 2016:
Range of Exercise Prices |  | Number Outstanding |  | Weighted Average Remaining Contractual Life (Years) |  | Weighted Average Exercise Price of Outstanding Options |  | Number Exercisable |  | Weighted Average Exercise Price of Exercisable Options
$ 0.00 to $17.69 |  | 877,972 |  |  | 1.83 |  | $ | 17.20 |  |  | 877,972 |  |  | $ | 17.20 |
$17.70 to $23.69 |  | 1,359,206 |  |  | 2.79 |  | $ | 21.47 |  |  | 1,359,206 |  |  | $ | 21.47 |
$23.70 to $29.69 |  | 1,668,035 |  |  | 7.36 |  | $ | 28.55 |  |  | 752,435 |  |  | $ | 29.13 |
$29.70 to $35.69 |  | 1,569,644 |  |  | 6.02 |  | $ | 34.22 |  |  | 1,542,877 |  |  | $ | 34.26 |
$35.70 and above |  | 1,650,375 |  |  | 8.08 |  | $ | 40.20 |  |  | 815,804 |  |  | $ | 40.80 |
|  | 7,125,232 |  |  | 5.68 |  | $ | 29.75 |  |  | 5,348,294 |  |  | $ | 28.48 |
At April 30, 2016, the aggregate intrinsic value of options outstanding and exercisable was $35.8 million and $31.5 million, respectively. As of April 30, 2016, there was $7.5 million of total unrecognized compensation expense related to non-vested stock options granted under the 2010 Master Stock Incentive Plan. This unvested expense is expected to be recognized during Fiscal Years 2016, 2017, 2018 and 2019.

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=65895303&loc=d3e17540-113929 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=68057994&loc=d3e25284-112666 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 14) -URI http://asc.fasb.org/extlink&oid=27013229&loc=d3e301413-122809 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 + Details
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