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Equity
 3 Months Ended
Oct. 31, 2021
Equity:  
Equity

Note 13—Equity

 

Stock Repurchases

 

The Company has an existing stock repurchase program authorized by its Board of Directors for the repurchase of shares of the Company’s Class B common stock. The Board of Directors authorized the repurchase of up to 8.0 million shares in the aggregate. There were no repurchases under the program in the three months ended October 31, 2021. In the three months ended October 31, 2020, the Company repurchased 463,792 shares of Class B common stock for an aggregate purchase price of $2.8 million. At October 31, 2021, 5.8 million shares remained available for repurchase under the stock repurchase program.

 

In the three months ended October 31, 2021 and 2020, the Company paid $26,000 and $7,000, respectively, to repurchase 627 and 1,053 shares, respectively, of the Company’s Class B common stock that were tendered by employees of the Company to satisfy the employees’ tax withholding obligations in connection with the vesting of deferred stock units (“DSUs”) and lapsing of restrictions on restricted stock. Such shares were repurchased by the Company based on their fair market value on the trading day immediately prior to the vesting date.

 

Deferred Stock Units Equity Incentive Program

 

The Company has an existing equity incentive program in the form of DSUs that, upon vesting, will entitle the grantees to receive shares of the Company’s Class B common stock. The number of shares issuable on the vesting date varies between 50% to 200% of the number of DSUs that vest on that vesting date, depending on the market price for the underlying Class B common stock on the vesting date relative to the market price at the time of the grant. At October 31, 2021, there were 154,169 unvested DSUs outstanding that are eligible to vest (if the conditions therefor are satisfied) on January 5, 2022.

 

2015 Stock Option and Incentive Plan

 

In the three months ended October 31, 2020, the Company received proceeds from the exercise of stock options of $0.2 million for which the Company issued 21,894 shares of its Class B common stock. There were no stock option exercises in the three months ended October 31, 2021.

 

On September 14, 2021, the Company’s Board of Directors amended the Company’s 2015 Stock Option and Incentive Plan to increase the number of shares of the Company’s Class B common stock available for the grant of awards thereunder by an additional 175,000 shares. The amendment is subject to approval by the Company’s stockholders at its annual meeting of stockholders on December 15, 2021.