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Stock-Based Compensation (Tables)
 6 Months Ended
Jan. 31, 2020
Share-based Payment Arrangement [Abstract]  
Summary of Stock-based Awards Outstanding by Award Type
As of January 31, 2020, the following stock-based awards, by award type, were outstanding:
 
January 31, 2020

Stock options
1,269,865

Performance shares
217,839

RSUs and restricted stock
473,673

Share units
239,680

Total
2,201,057
Stock-based compensation for awards detailing where recorded in Condensed Consolidated Statement of Operations
Stock-based compensation for awards issued is reflected in the following line items in our Condensed Consolidated Statements of Operations:
 
 
Three months ended January 31,
 
Six months ended January 31,
 
 
2020
 
2019
 
2020
 
2019
Cost of sales
 
$
60,000

 
60,000

 
$
119,000

 
118,000

Selling, general and administrative expenses
 
1,094,000

 
1,051,000

 
1,837,000

 
1,956,000

Research and development expenses
 
84,000

 
80,000

 
161,000

 
163,000

Stock-based compensation expense before income tax benefit
 
1,238,000

 
1,191,000

 
2,117,000

 
2,237,000

Estimated income tax benefit
 
(271,000
)
 
(260,000
)
 
(460,000
)
 
(488,000
)
Net stock-based compensation expense
 
$
967,000

 
931,000

 
$
1,657,000

 
1,749,000
Summary of net stock-based compensation expense by award type
Stock-based compensation expense (benefit), by award type, is summarized as follows:
 
 
Three months ended January 31,
 
Six months ended January 31,
 
 
2020
 
2019
 
2020
 
2019
Stock options
 
$
82,000

 
181,000

 
$
164,000

 
352,000

Performance shares
 
421,000

 
386,000

 
773,000

 
792,000

RSUs and restricted stock
 
675,000

 
568,000

 
1,373,000

 
1,115,000

ESPP
 
60,000

 
56,000

 
117,000

 
108,000

Share units
 
—

 
—

 
(310,000
)
 
(130,000
)
Stock-based compensation expense before income tax benefit
 
1,238,000

 
1,191,000

 
2,117,000

 
2,237,000

Estimated income tax benefit
 
(271,000
)
 
(260,000
)
 
(460,000
)
 
(488,000
)
Net stock-based compensation expense
 
$
967,000

 
931,000

 
$
1,657,000

 
1,749,000
Summary of the Plan's activity relating to stock options
The following table summarizes the Plan's activity during the six months ended January 31, 2020:
 
 
Awards
(in Shares)
 
Weighted Average
Exercise Price
 
Weighted Average
Remaining Contractual
Term (Years)
 
Aggregate
Intrinsic Value
Outstanding at July 31, 2019
 
1,555,555

 
$
28.72

 
 
 
 
Exercised
 
(51,460
)
 
28.45

 
 
 
 
Expired/canceled
 
(800
)
 
27.35

 
 
 
 
Outstanding at October 31, 2019
 
1,503,295

 
28.73

 
 
 
 
Expired/canceled
 
(100
)
 
28.35

 
 
 
 
Exercised
 
(233,330
)
 
28.90

 
 
 
 
Outstanding at January 31, 2020
 
1,269,865

 
$
28.70

 
3.33
 
$
1,418,000

 
 
 
 
 
 
 
 
 
Exercisable at January 31, 2020
 
1,200,435

 
$
28.81

 
3.20
 
$
1,281,000

 
 
 
 
 
 
 
 
 
Vested and expected to vest at January 31, 2020
 
1,251,302

 
$
28.73

 
3.29
 
$
1,384,000
Summary of the Plan's activity relating to performance shares, RSUs, restricted stock and share units
The following table summarizes the Plan's activity relating to performance shares, RSUs, restricted stock and share units:
 
 
Awards
(in Shares)
 
Weighted Average
Grant Date
Fair Value
 
Aggregate
Intrinsic Value
Outstanding at July 31, 2019
 
954,676

 
$
22.40

 
 
Granted
 
219,425

 
27.69

 
 
Settled
 
(199,466
)
 
16.80

 
 
Forfeited
 
(41,080
)
 
21.00

 
 
Outstanding at October 31, 2019
 
933,555

 
24.91

 
 
Settled
 
(527
)
 
11.40

 
 
Forfeited
 
(1,836
)
 
23.95

 
 
Outstanding at January 31, 2020
 
931,192

 
$
24.92

 
$
26,921,000

 
 
 
 
 
 
 
Vested at January 31, 2020
 
328,791

 
$
24.92

 
$
9,505,000

 
 
 
 
 
 
 
Vested and expected to vest at January 31, 2020
 
892,950

 
$
25.04

 
$
25,815,000