Shareholders' Equity

6 Months Ended

Jan. 31, 2014

Shareholders' Equity [Abstract]

Shareholders' Equity

6. Shareholders’ Equity

During the six months ended January 31, 2014, the Company issued 144,750 shares of its common stock resulting from the vesting of share-based compensation awards and stock option exercises.  Related tax withholding payments on certain share-based compensation awards exceeded proceeds received from the exercise of stock options which resulted in a net reduction to shareholders’ equity of $8,446.  During the six months ended January 31, 2014, the Company repurchased 120,000 shares of its common stock in the open market at an aggregate cost of $12,473.

During the six months ended January 31, 2014, total share-based compensation expense was $4,246.  The excess tax benefit realized upon exercise of share-based compensation awards was $604.

During the six months ended January 31, 2014, the Company paid dividends of $1.50 per share of its common stock.  In addition, the Company declared a regular dividend of $0.75 per share of its common stock that was paid on February 5, 2014 to shareholders of record on January 17, 2014.

The following table summarizes the changes in AOCL, net of tax, related to the Company’s interest rate swaps for the six months ended January 31, 2014 (see Notes 2 and 5):

	Changes in AOCL
AOCL balance at August 2, 2013	$	(6,612	)
Other comprehensive income before reclassifications		3,320
Amounts reclassified from AOCL		(2,473	)
Other comprehensive income, net of tax		847
AOCL balance at January 31, 2014	$	(5,765	)

The following table summarizes the amounts reclassified out of AOCL related to the Company’s interest rate swaps for the quarter and six month-period ended January 31, 2014:

	Amount Reclassified from AOCL						Affected Line Item in the
	Quarter Ended			Six Months Ended			Condensed Consolidated
Details about AOCL	January 31, 2014			January 31, 2014			Statement of Income
Loss on cash flow hedges:
Interest rate swaps	$	(1,984	)	$	(4,026	)	Interest expense
Tax benefit		765			1,553		Provision for income taxes
	$	(1,219	)	$	(2,473	)	Net of tax