Equity

6 Months Ended

Jan. 31, 2022

Equity:

Equity

Note 12—Equity

Deferred Stock Units Equity Incentive Program

The Company had an existing equity incentive program in the form of deferred stock units (“DSUs”) that, upon vesting, entitled the grantees to receive shares of the Company’s Class B common stock. On January 5, 2022, the third and final vesting date under the program, the Company issued 301,296 shares of its Class B common stock in respect of DSUs that vested on that date. On January 5, 2021, the Company issued 283,838 shares of its Class B common stock in respect of vested DSUs under the program.

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. There were no repurchases under the program in the six months ended January 31, 2022. In the six months ended January 31, 2021, the Company repurchased 463,792 shares of Class B common stock for an aggregate purchase price of $2.8 million. At January 31, 2022, 5.8 million shares remained available for repurchase under the stock repurchase program.

In the six months ended January 31, 2022 and 2021, the Company paid $9.0 million and $1.3 million, respectively, to repurchase 200,438 and 109,381 shares, respectively, 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 vesting of DSUs and lapsing of restrictions on 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.

2015 Stock Option and Incentive Plan

In the six months ended January 31, 2021, the Company received proceeds from the exercise of stock options of $0.7 million for which the Company issued 81,041 shares of its Class B common stock. There were no stock option exercises in the six months ended January 31, 2022.

On December 15, 2021, the Company’s stockholders approved an amendment to the Company’s 2015 Stock Option and Incentive Plan to increase the number of shares of the Company’s Class B common stock available for the grant of awards thereunder by an additional 175,000 shares.