Stock-Based Compensation
 9 Months Ended
Apr. 30, 2019
Share-based Compensation [Abstract]  
Stock-Based Compensation
Stock-Based Compensation
Stock-based compensation expense is recognized using the fair-value method for all awards. The Company determines the fair value of stock option awards using the Black-Scholes option pricing model. Options are granted whereby the option exercise price is equivalent to the market price of the Company's common stock at the date of grant. For the three and nine months ended April 30, 2019, the Company recorded pretax stock-based compensation expense associated with stock options of $1.4 million and $8.3 million, respectively, and recorded $0.3 million and $1.7 million, respectively, of related tax benefits. For the three and nine months ended April 30, 2018, the Company recorded pretax stock-based compensation expense associated with stock options of $1.3 million and $6.8 million, respectively, and recorded $0.3 million and $1.6 million, respectively, of related tax benefits. In addition, for the three and nine months ended April 30, 2019, the Company recorded expense associated with performance-based awards of $1.5 million and $4.5 million, respectively. For the three and nine months ended April 30, 2018, the Company recorded expense associated with performance-based awards of $2.0 million and $5.7 million, respectively.
The following table summarizes stock option activity during the nine months ended April 30, 2019:
 
Options
Outstanding
 
Weighted
Average
Exercise Price
Outstanding as of July 31, 2018
6,785,812

 
$
34.93

Granted
908,925

 
$
58.02

Exercised
(1,059,460
)
 
$
25.02

Canceled
(56,350
)
 
$
50.79

Outstanding as of April 30, 2019
6,578,927

 
$
39.57


The total intrinsic value of options exercised during the nine months ended April 30, 2019 and 2018 was $29.3 million and $12.5 million, respectively. The weighted average fair value for options granted during the nine months ended April 30, 2019 and 2018 was $12.27 and $9.29 per share, respectively.
The following table summarizes information concerning outstanding and exercisable options as of April 30, 2019:
Range of Exercise Prices
 
Number Outstanding
 
Weighted
Average
Remaining
Contractual
Life (Years)
 
Weighted
Average
Exercise
Price of Outstanding Options
 
Number
Exercisable
 
Weighted
Average
Exercise
Price of Exercisable Options
$ 0.00 to $27.69
 
245,558

 
0.68
 
$
21.10

 
245,558

 
$
21.10

$27.70 to $32.69
 
1,282,662

 
4.76
 
$
28.56

 
1,282,662

 
$
28.56

$32.70 to $37.69
 
1,226,314

 
3.30
 
$
34.44

 
1,225,481

 
$
34.44

$37.70 to $42.69
 
1,294,317

 
5.45
 
$
40.36

 
1,250,717

 
$
40.29

$42.70 and above
 
2,530,076

 
8.33
 
$
49.04

 
858,571

 
$
43.92

 
 
6,578,927

 
5.84
 
$
39.57

 
4,862,989

 
$
35.39


As of April 30, 2019, the aggregate intrinsic value of options outstanding and exercisable was $96.5 million and $88.3 million, respectively.
As of April 30, 2019, there was $9.5 million of total unrecognized compensation expense related to non-vested stock options granted. This unvested expense is expected to be recognized during fiscal years 2019, 2020, 2021 and 2022.