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Equity | 9 Months Ended
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Apr. 30, 2022
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Equity | Note 13—Equity Deferred Stock Units Equity Incentive Program The Company had an existing equity incentive program in the form of deferred stock units (“DSUs”) that, upon vesting, entitled the grantees to receive shares of the Company’s Class B common stock. On January 5, 2022, the third and final vesting date under the program, the Company issued 301,296 shares of its Class B common stock in respect of DSUs that vested on that date. On January 5, 2021, the Company issued 283,838 shares of its Class B common stock in respect of vested DSUs under the program. 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 nine months ended April 30, 2022. In the nine months ended April 30, 2021, the Company repurchased 463,792 shares of Class B common stock for an aggregate purchase price of $2.8 million. At April 30, 2022, 5.8 million shares remained available for repurchase under the stock repurchase program. In the nine months ended April 30, 2022 and 2021, the Company paid $9.0 million and $1.3 million, respectively, to repurchase 200,438 and 109,381 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 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. 2015 Stock Option and Incentive Plan In the nine months ended April 30, 2022 and 2021, the Company received proceeds from the exercise of stock options of $1.3 million and $0.7 million, respectively, for which the Company issued 1,010,000 and 81,041 shares, respectively, of its Class B common stock. In April 2022, Howard S. Jonas exercised stock options for 1.0 million shares of the Company’s Class B common stock that were granted on May 2, 2017. The exercise price of these options was $14.93 per share and the expiration date was May 1, 2022. Mr. Jonas used 528,635 shares of the Company’s Class B common stock with a value of $14.9 million to pay the aggregate exercise price of the options. In addition, Mr. Jonas tendered 137,364 shares of the Company’s Class B common stock with a value of $3.9 million to satisfy a portion of his tax obligations in connection with his stock option exercises. On December 15, 2021, the Company’s stockholders approved an amendment to 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. NRS Restricted Stock Grants In February 2022, restricted shares of NRS’ Class B common stock representing 0.5% of its outstanding capital stock on a fully diluted basis were granted to certain employees of the Company for services provided. The Company recorded stock-based compensation expense and an increase in “Additional paid-in capital” of $1.2 million for these grants, based on the estimated fair value on the grant date.

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