Shareholders' Equity

3 Months Ended

Oct. 31, 2014

Shareholders' Equity [Abstract]

Shareholders' Equity

6. Shareholders’ Equity

During the quarter ended October 31, 2014, the Company issued 83,945 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 $4,719.

During the quarter ended October 31, 2014, total share-based compensation expense was $2,735.  The excess tax benefit realized upon exercise of share-based compensation awards was $1,963.

During the quarter ended October 31, 2014, the Company paid dividends of $1.00 per share of its common stock.  During the first quarter of 2015, the Company declared a regular dividend of $1.00 per share of its common stock that was paid on November 5, 2014 to shareholders of record on October 17, 2014.

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

	Changes in AOCL
AOCL balance at August 1, 2014	$	(4,733	)
Other comprehensive income before reclassifications		756
Amounts reclassified from AOCL		(1,232	)
Other comprehensive loss, net of tax		(476	)
AOCL balance at October 31, 2014	$	(5,209	)

The following table summarizes the amounts reclassified out of AOCL related to the Company’s interest rate swaps for the quarter ended October 31, 2014:

Details about AOCL	Amount Reclassified from AOCL			Affected Line Item in the Condensed Consolidated Statement of Income
Loss on cash flow hedges:
Interest rate swaps	$	(2,005	)	Interest expense
Tax benefit		773		Provision for income taxes
	$	(1,232	)	Net of tax