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Equity
3 Months Ended
Oct. 31, 2020
Stockholders' Equity Note [Abstract]  
Equity

Note 10—Equity

 

Stock Repurchases

 

The Company has an existing stock repurchase program authorized by its Board of Directors for the repurchase of shares of the Company’s Class B common stock. The Board of Directors authorized the repurchase of up to 8.0 million shares in the aggregate. In the three months ended October 31, 2020, the Company repurchased 463,792 shares of Class B common stock for an aggregate purchase price of $2.8 million. There were no repurchases under the program in three months ended October 31, 2019. At October 31, 2020, 5.8 million shares remained available for repurchase under the stock repurchase program.

 

In the three months ended October 31, 2020, the Company paid $7,000 to repurchase 1,053 shares of the Company’s Class B common stock that were tendered by employees of the Company to satisfy the employees’ tax withholding obligations in connection with the lapsing of restrictions on awards of restricted stock. Such shares were repurchased by the Company based on their fair market value on the trading day immediately prior to the vesting date. There were no repurchases from employees in three months ended October 31, 2019.

 

2015 Stock Option and Incentive Plan

 

In the three months ended October 31, 2020, the Company received proceeds from the exercise of stock options of $0.2 million for which the Company issued 21,894 shares of its Class B common stock. In the three months ended October 31, 2019, the Company received proceeds from the exercise of stock options of $0.3 million for which the Company issued 32,551 shares of its Class B common stock.