| Schedule of the income statement components of stock-based compensation expense recognized in the Condensed Consolidated Statements of Income |
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Three Months Ended
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Nine Months Ended
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April 30,
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April 30,
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2017
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2016
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2017
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2016
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Cost of sales
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$
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83,000
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$
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120,000
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$
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285,000
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$
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320,000
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Operating expenses:
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Selling
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313,000
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246,000
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1,252,000
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684,000
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General and administrative
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1,520,000
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1,847,000
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5,358,000
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4,750,000
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Research and development
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29,000
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29,000
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88,000
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83,000
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Total operating expenses
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1,862,000
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2,122,000
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6,698,000
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5,517,000
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Stock-based compensation before income taxes
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1,945,000
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2,242,000
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6,983,000
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5,837,000
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Income tax benefits
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(743,000)
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(797,000)
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(2,513,000)
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(2,071,000)
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Excess tax benefits
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95,000
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—
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(2,191,000)
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—
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Total stock-based compensation expense, net of tax
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$
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1,297,000
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$
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1,445,000
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$
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2,279,000
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$
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3,766,000
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| Summary of nonvested stock award activity |
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Number of
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Number of
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Number of
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Total
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Weighted
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Shares
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Shares
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Shares
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Number of
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Average
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Time-Based
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Sales-Based
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TSR Based
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Shares
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Fair Value
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Nonvested stock awards at July 31, 2016
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331,367
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—
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—
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331,367
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$
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46.09
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Granted
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80,591
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12,810
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9,800
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103,201
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78.31
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Canceled
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(4,794)
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—
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—
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(4,794)
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58.24
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Vested
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(197,313)
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—
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—
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(197,313)
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42.22
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Nonvested stock awards at April 30, 2017
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209,851
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12,810
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9,800
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232,461
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$
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65.20
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