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Stock-Based Compensation | 9 Months Ended
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Apr. 30, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract] |
Stock-Based Compensation | Note 12. 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 the date of grant and vest in equal increments over three years. Pretax stock-based compensation expense associated with options was $1.5 million and $10.8 million for the three and nine months ended April 30, 2023, respectively, and was $1.4 million and $10.2 million for the three and nine months ended April 30, 2022, respectively. Fair value is calculated using the Black-Scholes option pricing model. The weighted average fair value for options granted was $15.67 and $14.24 per share during the nine months ended April 30, 2023 and 2022, respectively. Option activity was as follows:
| Options |  | Weighted Average Exercise Price
Balance outstanding as of July 31, 2022 | 6,927,161 |  |  | $ | 46.32 |
Granted | 920,816 |  |  | 51.35 |
Exercised | (934,547) |  |  | 40.49 |
Expired/forfeited | (63,402) |  |  | 53.42 |
Balance outstanding as of April 30, 2023 | 6,850,028 |  |  | $ | 47.72 |
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 0% to 200% of the target award depending on achievement. Pretax performance-based awards expense was $1.5 million and $5.0 million for the three and nine mo nths ended April 30, 2023, respectively, and was $1.8 million and $5.6 million for the three and nine months ended April 30, 2022, respectively. Performance-based awards for non-vested activity were as follows:
|  | Performance Shares |  | Weighted Average Grant Date Fair Value
Balance outstanding as of July 31, 2022 |  | 188,206 |  |  | $ | 52.20 |
Granted |  | 113,100 |  |  | 50.89 |
Vested |  | — |  |  | — |
Forfeited |  | (7,692) |  |  | 54.76 |
Balance outstanding as of April 30, 2023 |  | 293,614 |  |  | $ | 51.63 |

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