XML 41 R28.htm IDEA: XBRL DOCUMENT v3.22.2.2
Equity
 12 Months Ended
Jul. 31, 2022
EQUITY:  
Equity

Note 20—Equity

 

Class A Common Stock and Class B Common Stock

 

The rights of holders of Class A common stock and Class B common stock are identical except for certain voting and conversion rights and restrictions on transferability. The holders of Class A common stock and Class B common stock receive identical dividends per share when and if declared by the Company’s Board of Directors. In addition, the holders of Class A common stock and Class B common stock have identical and equal priority rights per share in liquidation. The Class A common stock and Class B common stock do not have any other contractual participation rights. The holders of Class A common stock are entitled to three votes per share and the holders of Class B common stock are entitled to one-tenth of a vote per share. Each share of Class A common stock may be converted into one share of Class B common stock, at any time, at the option of the holder. Shares of Class A common stock are subject to certain limitations on transferability that do not apply to shares of Class B common stock.

 

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 has authorized the repurchase of up to 8.0 million shares in the aggregate. In fiscal 2022, the Company repurchased 554,744 shares of Class B common stock for an aggregate purchase price of $13.4 million. In fiscal 2021, the Company repurchased 463,792 shares of Class B common stock for an aggregate purchase price of $2.8 million. In fiscal 2020, the Company repurchased 671,117 shares of Class B common stock for an aggregate purchase price of $4.2 million. At July 31, 2022, 5.2 million shares remained available for repurchase under the stock repurchase program.

 

In fiscal 2022, fiscal 2021, and fiscal 2020, the Company paid $9.0 million, $1.3 million, and $0.3 million, respectively, to repurchase 200,438; 109,381; and 37,348 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 are repurchased by the Company based on their fair market value on the trading day immediately prior to the vesting date.