Stock-Based Compensation (Tables)
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9 Months Ended |
Apr. 30, 2017 |
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| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
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| Summary of Stock-based Awards Outstanding by Award Type |
As of April 30, 2017, the following stock-based awards, by award type, were outstanding: | | | | Stock options | 1,900,975 |
| Performance shares | 252,089 |
| RSUs and restricted stock | 304,116 |
| Share units | 7,759 |
| Total | 2,464,939 |
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| Stock-based compensation for awards detailing where recorded in Condensed Consolidated Statement of Operations |
Stock-based compensation for awards issued is reflected in the following line items in our Condensed Consolidated Statements of Operations: | | | | | | | | | | | | | | | | | Three months ended April 30, | | Nine months ended April 30, | | | 2017 | | 2016 | | 2017 | | 2016 | Cost of sales | | $ | 56,000 |
| | 70,000 |
| | 162,000 |
| | 233,000 |
| Selling, general and administrative expenses | | 862,000 |
| | 875,000 |
| | 2,591,000 |
| | 2,630,000 |
| Research and development expenses | | 73,000 |
| | 96,000 |
| | 227,000 |
| | 303,000 |
| Stock-based compensation expense before income tax benefit | | 991,000 |
| | 1,041,000 |
| | 2,980,000 |
| | 3,166,000 |
| Estimated income tax benefit | | (349,000 | ) | | (391,000 | ) | | (1,051,000 | ) | | (1,103,000 | ) | Net stock-based compensation expense | | $ | 642,000 |
| | 650,000 |
| | 1,929,000 |
| | 2,063,000 |
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| Summary of net stock-based compensation expense by award type |
Stock-based compensation expense, by award type, is summarized as follows: | | | | | | | | | | | | | | | | | Three months ended April 30, | | Nine months ended April 30, | | | 2017 | | 2016 | | 2017 | | 2016 | Stock options | | $ | 368,000 |
| | 591,000 |
| | 1,000,000 |
| | 1,803,000 |
| Performance shares | | 361,000 |
| | 369,000 |
| | 1,227,000 |
| | 1,093,000 |
| RSUs and restricted stock | | 221,000 |
| | 46,000 |
| | 633,000 |
| | 152,000 |
| ESPP | | 41,000 |
| | 35,000 |
| | 120,000 |
| | 118,000 |
| Stock-based compensation expense before income tax benefit | | 991,000 |
| | 1,041,000 |
| | 2,980,000 |
| | 3,166,000 |
| Estimated income tax benefit | | (349,000 | ) | | (391,000 | ) | | (1,051,000 | ) | | (1,103,000 | ) | Net stock-based compensation expense | | $ | 642,000 |
| | 650,000 |
| | 1,929,000 |
| | 2,063,000 |
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| Components of actual Income tax benefit recognized for tax deductions relating to settlement of stock-based awards |
The following table reconciles the actual income tax benefit recognized for tax deductions relating to the settlement of stock-based awards to the excess income tax benefit reported as a cash flow from financing activities in our Condensed Consolidated Statements of Cash Flows: | | | | | | | | | | | Nine months ended April 30, | | | 2017 | | 2016 | Actual income tax benefit recorded for the tax deductions relating to the settlement of stock-based awards | | $ | 352,000 |
| | 150,000 |
| Less: Tax benefit initially recognized on settled stock-based awards vesting subsequent to the adoption of accounting standards that require us to expense stock-based awards | | 274,000 |
| | 127,000 |
| Excess income tax benefit from settled equity-classified stock-based awards recorded as an increase to additional paid-in capital and reported as a cash inflow from financing activities in our Condensed Consolidated Statements of Cash Flows | | $ | 78,000 |
| | 23,000 |
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| Summary of the Plan's activity relating to stock options |
The following table summarizes the Plan's activity during the nine months ended April 30, 2017: | | | | | | | | | | | | | | | | | Awards (in Shares) | | Weighted Average Exercise Price | | Weighted Average Remaining Contractual Term (Years) | | Aggregate Intrinsic Value | Outstanding at July 31, 2016 | | 2,256,679 |
| | $ | 28.87 |
| | | | | Expired/canceled | | (118,505 | ) | | 27.34 |
| | | | | Outstanding at October 31, 2016 | | 2,138,174 |
| | 28.96 |
| | | | | Expired/canceled | | (227,598 | ) | | 32.06 |
| | | | | Outstanding at January 31, 2017 | | 1,910,576 |
| | 28.59 |
| | | | | Expired/canceled | | (9,601 | ) | | 26.11 |
| | | | | Outstanding at April 30, 2017 | | 1,900,975 |
| | $ | 28.60 |
| | 5.76 | | $ | — |
| | | | | | | | | | Exercisable at April 30, 2017 | | 1,173,564 |
| | $ | 28.54 |
| | 4.96 | | $ | — |
| | | | | | | | | | Vested and expected to vest at April 30, 2017 | | 1,847,340 |
| | $ | 28.60 |
| | 5.72 | | $ | — |
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| Certain weighted average assumptions used to estimate the fair value of stock-based awards |
The estimated per-share weighted average grant-date fair value of stock options granted during the three and nine months ended April 30, 2016 was $3.95 and $5.55, respectively, which was determined using the Black-Scholes option pricing model, and included the following weighted average assumptions: | | | | | | | | | | Three months ended | | Nine months ended | | | April 30, 2016 | | April 30, 2016 | Expected dividend yield | | 5.58 | % | | 4.42 | % | Expected volatility | | 35.80 | % | | 34.39 | % | Risk-free interest rate | | 1.39 | % | | 1.53 | % | Expected life (years) | | 5.04 |
| | 5.15 |
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| Summary of the Plan's activity relating to performance shares, RSUs, restricted stock and share units |
The following table summarizes the Plan's activity relating to performance shares, RSUs, restricted stock and share units: | | | | | | | | | | | | | | | Awards (in Shares) | | Weighted Average Grant Date Fair Value | | Aggregate Intrinsic Value | Outstanding at July 31, 2016 | | 217,213 |
| | $ | 28.32 |
| | | Granted | | 418,684 |
| | 13.10 |
| | | Converted to common stock | | (38,706 | ) | | 14.75 |
| | | Forfeited | | (5,155 | ) | | 25.10 |
| | | Outstanding at October 31, 2016 | | 592,036 |
| | 17.80 |
| | | Granted | | 2,632 |
| | 11.40 |
| | | Converted to common stock | | (19,866 | ) | | 29.41 |
| | | Forfeited | | (6,826 | ) | | 19.65 |
| | | Outstanding at January 31, 2017 | | 567,976 |
| | 17.34 |
| | | Granted | | 5,836 |
| | 11.04 |
| | | Forfeited | | (9,848 | ) | | 13.64 |
| | | Outstanding at April 30, 2017 | | 563,964 |
| | $ | 17.34 |
| | $ | 7,901,000 |
| | | | | | | | Vested at April 30, 2017 | | 35,400 |
| | $ | 26.94 |
| | $ | 496,000 |
| | | | | | | | Vested and expected to vest at April 30, 2017 | | 540,161 |
| | $ | 17.34 |
| | $ | 7,568,000 |
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