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Stock-Based Compensation | 3 Months Ended
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Oct. 31, 2021
Share-based Payment Arrangement, Noncash Expense [Abstract] |
Stock-Based Compensation | Stock-Based Compensation The Company recognizes compensation expense for all stock-based awards based on the grant date fair value of the award. Stock-based awards consist primarily of non-qualified stock options, performance-based awards, restricted stock awards and restricted stock units. Grants related to restricted stock awards and restricted stock units are immaterial. The Company issues treasury shares for stock options and performance-based awards. Stock Options The exercise price of options granted is equal to the market price of the Company’s common stock at the date of the grant. Options are generally exercisable for up to 10 years from t he date of grant and vest in equal increments over three years. For the three months ended October 31, 2021 and 2020, the Company recorded pretax stock-based compensation expense associated with options of $6.9 million and $5.1 million, respectively. Fair value is calculated using the Black-Scholes option pricing model. The weighted average fair value for options granted during the three months ended October 31, 2021 and 2020 was $14.24 and $10.08 per share, respectively. Option activity was as follows:
| Options |  | Weighted Average Exercise Price
Balance outstanding as of July 31, 2021 | 6,444,743 |  |  | $ | 44.05 |
Granted | 834,105 |  |  | 59.40 |
Exercised | (70,555) |  |  | 38.41 |
Canceled/forfeited | (9,131) |  |  | 50.21 |
Balance outstanding as of October 31, 2021 | 7,199,162 |  |  | $ | 45.88 |
Performance-Based Awards Performance-based awards are payable in common stock and are based on a formula that measures Company performance over a three year period. These awards are settled after three years with payouts ranging from zero to 200% of the target award value depending on achievement. For the three months ended October 31, 2021 and 2020, the Company recorded pretax performance-based award expense of $1.7 million and $0.9 million, respectively. Performance-based award for non-vested activity was as follows:
|  | Performance Shares |  | Weighted Average Grant Date Fair Value
Balance outstanding as of July 31, 2021 |  | 200,567 |  |  | $ | 48.76 |
Granted |  | 88,400 |  |  | 59.40 |
Vested |  | — |  |  | — |
Canceled |  | — |  |  | — |
Balance outstanding as of October 31, 2021 |  | 288,967 |  |  | $ | 52.02 |

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- Definition The entire disclosure for share-based payment arrangement. + 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 + Details
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- References No definition available. + Details
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