Stockholder's Investments | Stockholders' Investment Information as to the Company’s capital stock at July 31, 2016 and 2015 is as follows: July 31, 2016 July 31, 2015 Shares Authorized Shares Issued (thousands) Amount Shares Authorized Shares Issued (thousands) Amount 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 $.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 $.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 $0.835 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 $0.835 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’ investment for the fiscal years ended July 31, 2016 , 2015 , and 2014 : Unearned Restricted Stock Deferred Compensation Shares Held in Rabbi Trust, at cost Total Balances at July 31, 2013 $ (1,137 ) $ 11,040 $ (10,623 ) $ (720 ) Shares at July 31, 2013 469,797 469,797 Sale of shares at cost — (1,637 ) 1,496 (141 ) Purchase of shares at cost — 821 (821 ) — Effect of plan amendment — (2,435 ) — (2,435 ) Amortization of restricted stock 1,137 — — 1,137 Balances at July 31, 2014 — $ 7,789 $ (9,948 ) (2,159 ) Shares at July 31, 2014 338,711 423,415 Sale of shares at cost $ — (2,325 ) 2,235 $ (90 ) Purchase of shares at cost — 220 (1,035 ) (815 ) Balances at July 31, 2015 $ — $ 5,684 $ (8,748 ) $ (3,064 ) Shares at July 31, 2015 252,261 362,025 Sale of shares at cost — (1,238 ) 1,278 40 Purchase of shares at cost — 178 (1,017 ) (839 ) Balances at July 31, 2016 $ — $ 4,624 $ (8,487 ) $ (3,863 ) Shares at July 31, 2016 201,418 347,081 Deferred Compensation Plans The Company has two deferred compensation plans, the Executive Deferred Compensation Plan and the Director Deferred Compensation Plan. Both plans allow for compensation to be deferred into either the Company's Class A Nonvoting Common Stock or in other investment funds. The Executive Deferred Compensation Plan does not allow funds to be transferred between the Company's Class A Nonvoting Common Stock and the other investment funds. The Director Deferred Compensation Plan allows participants to transfer funds from other investment funds into the Company’s Class A Nonvoting Common Stock. Funds are not permitted to be transferred from the Company’s Class A Nonvoting Common Stock into other investment funds until six months after the Director resigns from the Board. At July 31, 2016 , the deferred compensation balance in stockholders’ investment 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. As of July 31, 2016 , the Company has reserved 4,387,087 shares of Class A Nonvoting Common Stock for outstanding stock options, RSUs and restricted shares and 2,391,385 shares of Class A Nonvoting Common Stock remain for future issuance of stock options, RSUs 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, 2016 , 2015 , and 2014 was $8,154 ( $5,056 net of taxes), $4,471 ( $2,772 net of taxes), and $5,214 ( $3,232 net of taxes), respectively. As of July 31, 2016 , total unrecognized compensation cost related to share-based compensation awards that are expected to vest was $15,318 pre-tax, net of estimated forfeitures, which the Company expects to recognize over a weighted-average period of 2.4 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 “service-based” options, generally expire 10 years from the date of grant. The Company has estimated the fair value of its service-based stock option awards granted during the years ended July 31, 2016 , 2015 , and 2014 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 2016 2015 2014 Expected term (in years) 6.11 6.05 5.97 Expected volatility 29.95 % 34.01 % 37.32 % Expected dividend yield 2.59 % 2.48 % 2.35 % Risk-free interest rate 1.64 % 1.90 % 1.80 % Weighted-average market value of underlying stock at grant date $ 20.02 $ 22.76 $ 30.98 Weighted-average exercise price $ 20.02 $ 22.76 $ 30.98 Weighted-average fair value of options granted during the period $ 4.58 $ 6.12 $ 9.17 The following is a summary of stock option activity for the fiscal year ended July 31, 2016 : Option Price Options Outstanding Weighted Average Exercise Price Balance as of July 31, 2015 $ 20.95 — $38.31 3,500,951 $ 29.64 Options granted 19.96 — 25.35 881,744 20.02 Options exercised 20.95 — 31.07 (194,419 ) 26.98 Options cancelled 19.96 — 38.31 (479,570 ) 30.89 Balance as of July 31, 2016 $ 19.96 — $38.31 3,708,706 $ 27.33 The total fair value of options vested during the fiscal years ended July 31, 2016 , 2015 , and 2014 , was $3,203 , $3,950 , and $6,605 , respectively. The total intrinsic value of options exercised during the fiscal years ended July 31, 2016 , 2015 , and 2014 was $811 , $208 , and $2,452 , respectively. There were 2,488,527 , 2,642,955 , and 3,004,348 options exercisable with a weighted average exercise price of $30.18 , $30.88 , and $31.15 at July 31, 2016 , 2015 , and 2014 , respectively. The cash received from the exercise of options during the fiscal years ended July 31, 2016 , 2015 , and 2014 , was $5,243 , $1,644 , and $12,113 , respectively. The tax benefit on options exercised during the fiscal years ended July 31, 2016 , 2015 , and 2014 was $308 , $79 , and $952 , respectively. The following table summarizes information about stock options outstanding at July 31, 2016 : Options Outstanding Options Outstanding and Exercisable Range of Exercise Prices Number of Shares Outstanding at July 31, 2016 Weighted Average Remaining Contractual Life (in years) Weighted Average Exercise Price Shares Exercisable at July 31, 2016 Weighted Average Remaining Contractual Life (in years) Weighted Average Exercise Price $19.96 - $26.99 1,433,278 8.1 $ 21.80 291,899 5.2 $ 20.97 $27.00 - $32.99 1,696,428 4.9 29.05 1,617,628 4.7 29.12 $33.00 - $38.31 579,000 1.3 37.78 579,000 1.3 37.78 Total 3,708,706 5.6 27.61 2,488,527 4.0 $ 30.18 As of July 31, 2016 , 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 $21,358 and $8,164 , respectively. Restricted Shares and RSUs Restricted shares and RSUs issued under the plan have an issuance price equal to the fair market value of the underlying stock at the date of grant. Beginning in fiscal 2014, the Company awarded RSUs that vest solely upon meeting specified service conditions, referred to herein as “service-based RSUs.” The 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. In fiscal 2015, the Company also awarded 63,668 service-based RSUs that vest ratably at the end of years 3, 4, and 5 and 395,617 service-based RSUs that vest in increments of 10%, 20%, 30%, and 40% at the end of years 1, 2, 3, and 4, respectively. The following tables summarize the RSU and restricted share activity for the fiscal year ended July 31, 2016 : Service-Based Restricted Shares and RSUs Shares Weighted Average Grant Date Fair Value Balance as of July 31, 2015 677,454 $ 24.72 New grants 173,394 20.07 Vested (113,640 ) 24.97 Forfeited (58,827 ) 23.81 Balance as of July 31, 2016 678,381 $ 23.57 The aggregate intrinsic value of unvested RSU's expected to vest at July 31, 2016 , was $21,803 . The total fair value of RSU's vested during the twelve months ended July 31, 2016 and 2015 , was $2,797 and $805 , respectively. The service-based RSUs granted during the fiscal year ended July 31, 2015 , had a weighted-average grant-date fair value of $24.28 . |