Stock-Based Compensation (Tables)
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12 Months Ended |
Jul. 31, 2023 |
Share-Based Payment Arrangement [Abstract] |
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Summary of stock-based awards outstanding by award type |
As of July 31, 2023, the following stock-based awards, by award type, were outstanding: | | | | | | | July 31, 2023 | Stock options | 240,510 | | Performance shares | 666,324 | | RSUs, restricted stock, share units and other stock-based awards | 1,209,906 | | Total | 2,116,740 | |
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Stock-based compensation for awards detailing where recorded in Consolidated Statement of Operations |
Stock-based compensation for awards issued is reflected in the following line items in our Consolidated Statements of Operations: | | | | | | | | | | | | | | | | | | | | | | | Fiscal Years Ended July 31, | | | 2023 | | 2022 | | 2021 | Cost of sales | | $ | 1,110,000 | | | 692,000 | | | 929,000 | | Selling, general and administrative expenses | | 7,960,000 | | | 6,312,000 | | | 8,091,000 | | Research and development expenses | | 1,037,000 | | | 763,000 | | | 963,000 | | Stock-based compensation expense before CEO transition costs | | 10,107,000 | | | 7,767,000 | | | 9,983,000 | | CEO transition costs related to equity-classified stock-based awards | | 3,764,000 | | | 7,388,000 | | | — | | Total stock-based compensation expense before income tax benefit | | 13,871,000 | | | 15,155,000 | | | 9,983,000 | | Estimated income tax benefit | | (2,552,000) | | | (2,260,000) | | | (2,164,000) | | Net stock-based compensation expense | | $ | 11,319,000 | | | 12,895,000 | | | 7,819,000 | |
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Summary of stock-based compensation expense by award type |
Stock-based compensation expense, by award type, is summarized as follows: | | | | | | | | | | | | | | | | | | | | | | | Fiscal Years Ended July 31, | | | 2023 | | 2022 | | 2021 | Stock options | | $ | 87,000 | | | 519,000 | | | 370,000 | | Performance shares | | 973,000 | | | 1,136,000 | | | 1,345,000 | | RSUs, restricted stock, share units and other stock-based awards | | 8,926,000 | | | 5,912,000 | | | 8,060,000 | | ESPP | | 121,000 | | | 200,000 | | | 208,000 | | Stock based compensation expense | | 10,107,000 | | | 7,767,000 | | | 9,983,000 | | CEO transition costs related to equity-classified stock-based awards | | 3,764,000 | | | 7,388,000 | | | — | | Total stock-based compensation expense before income tax benefit | | 13,871,000 | | | 15,155,000 | | | 9,983,000 | | Estimated income tax benefit | | (2,552,000) | | | (2,260,000) | | | (2,164,000) | | Net stock-based compensation expense | | $ | 11,319,000 | | | 12,895,000 | | | 7,819,000 | |
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Summary of the Plan's activity relating to stock options |
The following table summarizes the Plan's activity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Awards (in Shares) | | Weighted Average Exercise Price | | Weighted Average Remaining Contractual Term (Years) | | Aggregate Intrinsic Value | Outstanding at July 31, 2020 | | 1,422,025 | | | $ | 26.17 | | | | | | Expired/canceled | | (348,590) | | | 27.44 | | | | | | Outstanding at July 31, 2021 | | 1,073,435 | | | 25.76 | | | | | | Expired/canceled | | (588,735) | | | 26.86 | | | | | | Exercised | | (1,220) | | | 17.88 | | | | | | Outstanding at July 31, 2022 | | 483,480 | | | 24.43 | | | | | | Expired/canceled | | (242,970) | | | 24.89 | | | | | | | | | | | | | | | Outstanding at July 31, 2023 | | 240,510 | | | $ | 23.96 | | | 3.97 | | $ | — | | | | | | | | | | | Exercisable at July 31, 2023 | | 211,870 | | | $ | 24.78 | | | 3.63 | | $ | — | | | | | | | | | | | Vested and expected to vest at July 31, 2023 | | 238,868 | | | $ | 24.00 | | | 3.96 | | $ | — | | | | | | | | | | |
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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, share units and other stock-based awards: | | | | | | | | | | | | | | | | | | | | | | | Awards (in Shares) | | Weighted Average Grant Date Fair Value | | Aggregate Intrinsic Value | Outstanding at July 31, 2020 | | 999,574 | | | $ | 21.15 | | | | Granted | | 644,272 | | | 19.06 | | | | Settled | | (455,564) | | | 17.09 | | | | Canceled/Forfeited | | (119,912) | | | 18.42 | | | | Outstanding at July 31, 2021 | | 1,068,370 | | | 21.93 | | | | Granted | | 797,771 | | | 18.77 | | | | Settled | | (641,747) | | | 22.83 | | | | Canceled/Forfeited | | (113,644) | | | 22.78 | | | | Outstanding at July 31, 2022 | | 1,110,750 | | | 19.05 | | | | Granted | | 1,550,951 | | | 10.79 | | | | Settled | | (632,267) | | | 16.69 | | | | Canceled/Forfeited | | (153,204) | | | 16.67 | | | | Outstanding at July 31, 2023 | | 1,876,230 | | | $ | 13.21 | | | $ | 19,062,000 | | | | | | | | | Vested at July 31, 2023 | | 847,243 | | | $ | 13.53 | | | $ | 8,608,000 | | | | | | | | | Vested and expected to vest at July 31, 2023 | | 1,836,835 | | | $ | 13.21 | | | $ | 18,662,000 | |
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