Stockholders' Equity

6 Months Ended

Jan. 31, 2014

Stockholders' Equity

14. Stockholders’ Equity

Stock-Based Compensation

During fiscal 2013, the Compensation and Development Committee of the Board (“the Committee”) approved a program to award restricted stock units to certain employees at the operating subsidiary and corporate levels. The first awards under this program were granted in the first quarter of fiscal 2013 related to fiscal 2012 performance. The Committee approved additional awards that were granted in fiscal 2014 related to fiscal year 2013 performance. The employee restricted stock units vest, and shares of common stock will be issued, in equal installments on the first, second and third anniversaries of the date of grant. In fiscal 2013 and again in fiscal 2014, the Nominating and Governance Committee of the Board awarded restricted stock units to Board members that will vest, and shares of common stock will be issued, on the first anniversary of the date of the grant. Total expense recognized in the six months ended January 31, 2014 and January 31, 2013 for restricted stock unit awards and other stock based compensation was $2,648 and $1,312, respectively, which included $480 and $104, respectively, related to discontinued operations.

For the restricted stock units that vested during the six months ended January 31, 2014, a certain portion of the vested shares awarded were withheld to cover the recipients’ estimated withholding taxes, which was then paid by the Company on their behalf. Total tax payments made by the Company related to stock-based awards totaled $1,251 during the period.

Retained Earnings

The components of the change in retained earnings are as follows:

Balance as of July 31, 2013	$	953,740
Net income		57,300
Dividends paid		(77,800	)
Balance as of January 31, 2014	$	933,240

The dividends paid total of $77,800 includes regular quarterly $0.23 per share dividends in each of the first two quarters of fiscal 2014 for a combined total of $24,510, and a special $1.00 per share dividend paid in November 2013 of $53,290.