v3.20.4
Stock-based Compensation
 3 Months Ended
Oct. 31, 2020
Share-based Payment Arrangement [Abstract]  
Stock-based Compensation Stock-based Compensation
Omnibus Incentive Plan
 
In November 2018, the Board approved the amendment of the Company’s 2016 Omnibus Incentive Plan, as amended and restated on December 10, 2015 (the “Omnibus Incentive Plan”). The amendment to the 2016 Omnibus Incentive Plan was approved by the Company’s shareholders and became effective on December 14, 2018 to increase the aggregate number of shares that may be issued under the plan by an additional 0.7 million shares to 4.2 million. The 2016 Omnibus Incentive Plan provides for the granting of service-based and performance-based stock awards as well as performance-based cash incentive awards. The 2016 Omnibus Incentive Plan expires in November 2025.
 
As of October 31, 2020, there were approximately 1.2 million shares remaining under the 2016 Omnibus Incentive Plan available for future grants. The Company issues new shares of common stock when stock option awards are exercised and restricted stock units vest. 

Impact on Results
 
A summary of the total compensation expense and associated income tax benefit recognized related to stock-based compensation arrangements on a consolidated basis is as follows:
Three Months Ended
October 31,
2020		November 2,
2019
 (millions)
Compensation expense$0.3 $1.6 
Income tax benefit$— $— 
Service-based Stock Options
 
There were no grants of stock options during the three months ended October 31, 2020. The Company’s weighted-average assumptions used to estimate the fair value of stock options granted during the three months ended November 2, 2019 was as follows:
 Three Months Ended
 November 2,
2019
Expected term (years)5.3
Expected volatility61.2 %
Risk-free interest rate1.6 %
Expected dividend yield— %
Weighted-average grant date fair value$0.14 
 
A summary of the stock option activity under the service-based plans during the three months ended October 31, 2020 is as follows:
 Number of
Shares		Weighted-
Average
Exercise Price		Weighted-
Average
Remaining
Contractual
Terms
Aggregate
Intrinsic
Value (a)
(thousands) (years)(millions)
Options outstanding – August 1, 2020683.3 $81.05 4.6$— 
Canceled/Forfeited(123.0)98.88 
Options outstanding – October 31, 2020560.3 $77.15 4.4$— 
Options vested and expected to vest at October 31, 2020 (b)
556.8 $77.59 4.4$— 
Options exercisable at October 31, 2020440.2 $95.95 4.0$— 
_______
(a)The intrinsic value is the amount by which the market price at the end of the period of the underlying share of stock exceeds the exercise price of the stock option.
(b)The number of options expected to vest takes into consideration estimated expected forfeitures.

As of October 31, 2020, there was $0.3 million of total unrecognized compensation cost related to non-vested options, which is expected to be recognized over a remaining weighted-average vesting period of 0.8 years. There were no options exercised during the three months ended October 31, 2020 and the total intrinsic value of options exercised during the three months ended November 2, 2019 was de minimis. The total grant date fair value of options that vested during the three months ended October 31, 2020 and November 2, 2019 was approximately $2.3 million and $5.5 million, respectively.

Service-based Restricted Equity Awards
 
A summary of restricted equity awards activity during the three months ended October 31, 2020 is as follows:
Service-based
Restricted Equity Awards
 Number of
Shares		Weighted-
Average
Grant Date
Fair Value
Per Share
 (thousands) 
Nonvested at August 1, 20205.4 $183.84 
Vested(4.5)211.58 
Canceled/Forfeited(0.8)42.38 
Nonvested at October 31, 20200.1 $39.80 
 
As of October 31, 2020, there was a de minimis amount of total unrecognized compensation cost related to the service-based Restricted Equity Awards.