Stockholders' Equity

9 Months Ended

Apr. 30, 2017

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders’ Equity

Sale of Common Stock

In June 2016, the Company sold 7,145,000 shares of its common stock in a public offering at a price to the public of $14.00 per share, resulting in proceeds to the Company of $95,029,000, net of underwriting discounts and commissions. As of April 30, 2017 and June 7, 2017, an aggregate registered amount of $74,970,000 under the Company's existing Shelf Registration Statement filed with the SEC remains available for sale of various types of securities, including debt.

Stock Repurchase Program

As of April 30, 2017 and June 7, 2017, we were authorized to repurchase up to an additional $8,664,000 of our common stock, pursuant to our current $100,000,000 stock repurchase program. Our stock repurchase program has no time restrictions and repurchases may be made in open-market or privately negotiated transactions and may be made pursuant to SEC Rule 10b5-1 trading plans. There were no repurchases made during the nine months ended April 30, 2017 or 2016.

Dividends

Since September 2010, we have paid quarterly dividends pursuant to an annual targeted dividend amount that was established by our Board of Directors. On October 6, 2016, our Board of Directors declared a dividend of $0.30 per common share, which was paid on November 22, 2016. On both December 7, 2016 and March 8, 2017, our Board of Directors declared a dividend of $0.10 per common share, which were paid on February 17, 2017 and May 18, 2017, respectively. On June 7, 2017, our Board of Directors declared a dividend of $0.10 per common share, payable on August 18, 2017 to stockholders of record at the close of business on July 17, 2017.

Future dividends remain subject to compliance with financial covenants under our Secured Credit Facility as well as Board approval.