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Stockholder's Equity | 12 Months Ended
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Jul. 31, 2022
Equity [Abstract] |
Stockholder's Equity | Stockholders' Equity Information as to the Company’s capital stock as of July 31, 2022 and 2021 was as follows:
|  | July 31, 2022 |  | July 31, 2021
|  | Shares Authorized |  | Shares Issued |  | Amount (thousands) |  | Shares Authorized |  | Shares Issued |  | Amount (thousands)
Preferred Stock, $.01 par value |  | 5,000,000 |  |  |  |  |  |  | 5,000,000 |  |  |  |  |
Cumulative Preferred Stock: 6% Cumulative |  | 5,000 |  |  |  |  |  |  | 5,000 |  |  |  |  |
1972 Series |  | 10,000 |  |  |  |  |  |  | 10,000 |  |  |  |  |
1979 Series |  | 30,000 |  |  |  |  |  |  | 30,000 |  |  |  |  |
Common Stock, $.01 par value: Class A Nonvoting |  | 100,000,000 |  |  | 51,261,487 |  |  | $ | 513 |  |  | 100,000,000 |  |  | 51,261,487 |  |  | $ | 513 |
Class B Voting |  | 10,000,000 |  |  | 3,538,628 |  |  | 35 |  |  | 10,000,000 |  |  | 3,538,628 |  |  | 35 |
|  |  |  |  |  | $ | 548 |  |  |  |  |  |  | $ | 548 |
Before any dividend may be paid on the Class B Common Stock, holders of the Class A Common Stock are entitled to receive an annual, noncumulative cash dividend of $0.01665 per share. Thereafter, any further dividend in that fiscal year must be paid on each share of Class A Common Stock and Class B Common Stock on an equal basis. Other than as required by law, holders of the Class A Common Stock are not entitled to any vote on corporate matters, unless, in each of the three preceding fiscal years, the $0.01665 preferential dividend described above has not been paid in full. Holders of the Class A Common Stock are entitled to one vote per share for the entire fiscal year immediately following the third consecutive fiscal year in which the preferential dividend is not paid in full. Holders of Class B Common Stock are entitled to one vote per share for the election of directors and for all other purposes. Upon liquidation, dissolution or winding up of the Company, and after distribution of any amounts due to holders of Preferred Stock, if any, holders of the Class A Common Stock are entitled to receive the sum of $0.833 per share before any payment or distribution to holders of the Class B Common Stock. Thereafter, holders of the Class B Common Stock are entitled to receive a payment or distribution of $0.833 per share. Thereafter, holders of the Class A Common Stock and Class B Common Stock share equally in all payments or distributions upon liquidation, dissolution or winding up of the Company. The preferences in dividends and liquidation rights of the Class A Common Stock over the Class B Common Stock will terminate at any time that the voting rights of Class A Common Stock and Class B Common Stock become equal. The following is a summary of other activity in stockholders’ equity during the years ended July 31, 2022, 2021, and 2020:
|  | Deferred Compensation |  | Shares Held in Rabbi Trust, at cost |  | Total
Balances at July 31, 2019 |  | $ | 8,506 |  |  | $ | (8,506) |  |  | $ | — |
Shares at July 31, 2019 |  | 285,533 |  |  | 285,533 |  |  |
Sale of shares at cost |  | $ | (460) |  |  | $ | 460 |  |  | $ | — |
Purchase of shares at cost |  | 1,293 |  |  | (1,293) |  |  | — |
Balances at July 31, 2020 |  | $ | 9,339 |  |  | $ | (9,339) |  |  | $ | — |
Shares at July 31, 2020 |  | 292,329 |  |  | 292,329 |  |  |
Sale of shares at cost |  | $ | (277) |  |  | $ | 277 |  |  | $ | — |
Purchase of shares at cost |  | 1,472 |  |  | (1,472) |  |  | — |
Balances at July 31, 2021 |  | $ | 10,534 |  |  | $ | (10,534) |  |  | $ | — |
Shares at July 31, 2021 |  | 315,916 |  |  | 315,916 |  |  |
Sale of shares at cost |  | $ | (721) |  |  | $ | 721 |  |  | $ | — |
Purchase of shares at cost |  | 1,242 |  |  | (1,242) |  |  | — |
Balances at July 31, 2022 |  | $ | 11,055 |  |  | $ | (11,055) |  |  | $ | — |
Shares at July 31, 2022 |  | 318,285 |  |  | 318,285 |  |  |
Deferred Compensation Plans The Company has two deferred compensation plans, the Executive Deferred Compensation Plan and the Director Deferred Compensation Plan that allow for compensation to be deferred into either the Company's Class A Nonvoting Common Stock or into other investment funds. Neither plan allows funds to be transferred between the Company's Class A Nonvoting Common Stock and the other investment funds. At July 31, 2022, the deferred compensation balance in stockholders’ equity represents the investment at the original cost of shares held in the Company’s Class A Nonvoting Common Stock for the deferred compensation plans. The balance of shares held in the Rabbi Trust represents the investment in the Company’s Class A Nonvoting Common Stock at the original cost of all the Company’s Class A Nonvoting Common Stock held in deferred compensation plans. Incentive Stock Plans The Company has an incentive stock plan under which the Board of Directors may grant nonqualified stock options to purchase shares of Class A Nonvoting Common Stock, restricted stock units ("RSUs"), or restricted and unrestricted shares of Class A Nonvoting Common Stock to employees and non-employee directors. Certain awards may be subject to pre-established performance goals. As of July 31, 2022, the Company has reserved 1,843,889 shares of Class A Nonvoting Common Stock for outstanding stock options and RSUs and 2,605,629 shares of Class A Nonvoting Common Stock remain for future issuance of stock options and restricted and unrestricted shares under the active plans. The Company uses treasury stock or will issue new Class A Nonvoting Common Stock to deliver shares under these plans. Total stock-based compensation expense recognized by the Company during the years ended July 31, 2022, 2021, and 2020, was $10,504 ($9,997 net of taxes), $10,098 ($9,543 net of taxes), and $8,843 ($8,048 net of taxes), respectively. As of July 31, 2022, total unrecognized compensation cost related to share-based compensation awards that are expected to vest was $6,371 pre-tax, net of estimated forfeitures, which the Company expects to recognize over a weighted-average period of 1.6 years. Stock Options The stock options issued under the plan have an exercise price equal to the fair market value of the underlying stock at the date of grant and generally vest ratably over a three-year period, with one-third becoming exercisable one year after the grant date and one-third additional in each of the succeeding two years. Options issued under the plan, referred to herein as “time-based” options, generally expire 10 years from the date of grant. The Company has estimated the fair value of its time-based stock option awards granted during the years ended July 31, 2022, 2021, and 2020, using the Black-Scholes option valuation model. The weighted-average assumptions used in the Black-Scholes valuation model are reflected in the following table:
Black-Scholes Option Valuation Assumptions |  | 2022 |  | 2021 |  | 2020
Expected term (in years) |  | 6.23 |  | 6.21 |  | 6.20
Expected volatility |  | 30.04 | % |  | 30.71 | % |  | 26.07 | %
Expected dividend yield |  | 2.26 | % |  | 2.49 | % |  | 2.63 | %
Risk-free interest rate |  | 1.27 | % |  | 0.38 | % |  | 1.64 | %
Weighted-average market value of underlying stock at grant date |  | $ | 49.17 |  |  | $ | 39.92 |  |  | $ | 54.05 |
Weighted-average exercise price |  | $ | 49.17 |  |  | $ | 39.92 |  |  | $ | 54.05 |
Weighted-average fair value of options granted during the period |  | $ | 11.55 |  |  | $ | 8.65 |  |  | $ | 10.63 |
The following is a summary of stock option activity for the year ended July 31, 2022:
Time-Based Options |  | Option Price |  | Options Outstanding |  | Weighted Average Exercise Price
Balance as of July 31, 2021 |  | $ | 19.96 |  | — | $54.05 |  | 1,474,068 |  |  | $ | 38.45 |
New grants |  | 46.70 |  | — | 49.79 |  | 302,225 |  |  | 49.17 |
Exercised |  | 19.96 |  | — | 43.98 |  | (141,748) |  |  | 23.68 |
Forfeited |  | 39.92 |  | — | 54.05 |  | (43,020) |  |  | 47.09 |
Balance as of July 31, 2022 |  | $ | 19.96 |  | — | $54.05 |  | 1,591,525 |  |  | $ | 41.57 |
The total fair value of options vested during the years ended July 31, 2022, 2021, and 2020, was $2,446, $2,371, and $2,800, respectively. The total intrinsic value of options exercised during the years ended July 31, 2022, 2021, and 2020, based upon the average market price at the time of the exercise during the period, was $4,269, $1,477, and $14,692, respectively. There were 1,050,240, 949,668, and 776,273 options exercisable with a weighted average exercise price of $38.90, $34.97, and $31.50 at July 31, 2022, 2021, and 2020, respectively. The cash received from the exercise of stock options during the years ended July 31, 2022, 2021, and 2020, was $1,082, $1,765, and $5,511, respectively. The tax benefit on options exercised during the years ended July 31, 2022, 2021, and 2020, was $1,067, $369, and $3,673, respectively. The following table summarizes information about stock options outstanding at July 31, 2022:
|  | Options Outstanding |  | Options Outstanding and Exercisable
Range of Exercise Prices |  | Number of Shares Outstanding at July 31, 2022 |  | Weighted Average Remaining Contractual Life (in years) |  | Weighted Average Exercise Price |  | Shares Exercisable at July 31, 2022 |  | Weighted Average Remaining Contractual Life (in years) |  | Weighted Average Exercise Price
$19.96 - $29.99 |  | 106,913 |  |  | 2.8 |  | $ | 21.10 |  |  | 106,913 |  |  | 2.8 |  | $ | 21.10 |
$30.00 - $39.99 |  | 749,131 |  |  | 5.7 |  | 37.12 |  |  | 568,451 |  |  | 4.9 |  | 36.23 |
$40.00 - $54.05 |  | 735,481 |  |  | 7.7 |  | 49.07 |  |  | 374,876 |  |  | 6.6 |  | 48.02 |
Total |  | 1,591,525 |  |  | 6.4 |  | $ | 41.57 |  |  | 1,050,240 |  |  | 5.3 |  | $ | 38.90 |
As of July 31, 2022, the aggregate intrinsic value (defined as the amount by which the fair value of the underlying stock exceeds the exercise price of an option) of options outstanding and the options exercisable was $11,627 and $10,169, respectively. RSUs RSUs issued under the plan have a grant date fair value equal to the fair market value of the underlying stock at the date of grant. Shares issued under the plan are referred to herein as either "time-based" or "performance-based" RSUs. The time-based RSUs issued under the plan generally vest ratably over a three-year period, with one-third becoming exercisable one year after the grant date and one-third additional in each of the succeeding two years. The performance-based RSUs granted under the plan generally vest at the end of a three-year service period indexed to the Company's total shareholder return ("TSR") against a defined peer group. In fiscal 2022, half of the performance-based RSUs granted will vest based on the Company's TSR against a defined peer group and the other half will vest based on revenue performance measured with respect to four performance periods. The following tables summarize the RSU activity during the year ended July 31, 2022:
Time-Based RSUs | Shares |  | Weighted Average Grant Date Fair Value
Balance as of July 31, 2021 | 156,466 |  |  | $ | 45.40 |
New grants | 99,278 |  |  | 48.96 |
Vested | (73,162) |  |  | 45.47 |
Forfeited | (9,352) |  |  | 44.73 |
Balance as of July 31, 2022 | 173,230 |  |  | $ | 47.45 |
The time-based RSUs granted during the years ended July 31, 2021 and 2020, had a weighted-average grant-date fair value of $40.82 and $53.38, respectively.
Performance-Based RSUs | Shares |  | Weighted Average Grant Date Fair Value
Balance as of July 31, 2021 | 119,281 |  |  | $ | 61.05 |
New grants (1) | 76,743 |  |  | 61.76 |
Vested (1) | (76,885) |  |  | 50.70 |
Forfeited | (40,005) |  |  | 62.00 |
Balance as of July 31, 2022 | 79,134 |  |  | $ | 66.79 |
(1) Includes 32,393 shares resulting from the payout of performance-based RSUs granted in fiscal year 2019 due to the achievement of performance metrics exceeding the target payout. The performance-based RSUs granted during the year ended July 31, 2022, had a fair value determined by a third-party valuation involving the use of a Monte Carlo simulation for the portion of the grant with a market condition and the portion of the grant with a performance condition had a fair value determined by the average of the high and low stock price on the date of grant. The performance-based RSUs granted during the year ended July 31, 2021 and 2020, had a weighted-average grant-date fair value of $60.73 and $75.00, respectively. The total fair value of time-based and performance-based RSUs vested during the years ended July 31, 2022, 2021 and 2020, was $7,767, $6,167, and $9,776, respectively. The aggregate intrinsic value of unvested time-based and performance-based RSUs outstanding as of July 31, 2022, 2021, and 2020, and expected to vest, was $11,435, $16,849, and $14,013, respectively.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI https://asc.fasb.org/topic&trid=2208762 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (g) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 16 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496180-112644 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (i) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 6 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008 + Details
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