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Stockholders' Equity
 9 Months Ended
Apr. 30, 2014
Stockholders' Equity
15.

Stockholders’ Equity

Stock-Based Compensation

During fiscal 2013, the Compensation and Development Committee of the Board (“the Committee”) approved a program to award restricted stock units to certain employees at the operating subsidiary and corporate levels. The first awards under this program were granted in the first quarter of fiscal 2013 related to fiscal 2012 performance. The Committee approved additional awards that were granted in fiscal 2014 related to fiscal year 2013 performance. The employee restricted stock units vest, and shares of common stock will be issued, in equal installments on the first, second and third anniversaries of the date of grant. In fiscal 2013 and again in fiscal 2014, the Nominating and Governance Committee of the Board awarded restricted stock units to Board members that will vest, and shares of common stock will be issued, on the first anniversary of the date of the grant. Total expense recognized in the nine months ended April 30, 2014 and April 30, 2013 for restricted stock unit awards and other stock based compensation was $3,943 and $2,051, respectively, which included $480 and $156, respectively, related to discontinued operations.

 

For the restricted stock units that vested during the nine months ended April 30, 2014, a certain portion of the vested shares awarded were withheld to cover the recipients’ estimated withholding taxes, which was then paid by the Company on their behalf. Tax payments made by the Company related to stock-based awards totaled $1,251 during the nine months ended April 30, 2014.

Retained Earnings

The components of the change in retained earnings are as follows:

 

Balance as of July 31, 2013

    $      953,740   

Net income

      112,422   

Dividends paid

      (90,057 ) 
  

 

 

  

Balance as of April 30, 2014

    $ 976,105   
  

 

 

  

The dividends paid total of $90,057 includes regular quarterly $0.23 per share dividends in each of the first three quarters of fiscal 2014 for a combined total of $36,767, and a special $1.00 per share dividend paid in November 2013 of $53,290.