Stockholders' Equity

9 Months Ended

Apr. 30, 2017

Equity [Abstract]

Stockholders' Equity

14. Stockholders’ Equity

During fiscal 2013, the Compensation and Development Committee of the Board (the “Committee”) approved a program to award restricted stock units (the “RSU program”) to certain employees at the operating subsidiary and corporate levels. In December 2016, the stockholders of the Company approved a new equity compensation plan that allows the RSU program to continue in subsequent years on similar terms, but includes a double-trigger change in control provision. The double-trigger provision, which is applicable to awards granted in fiscal 2017 and subsequent years, stipulates that immediate vesting of an outstanding grant would occur only upon the occurrence of both a change in control, as defined by the plan, and a corresponding change in employment status.

Under the RSU program, the Committee has approved awards each October related to the financial performance of the most recently completed fiscal year since 2012. The awarded employee restricted stock units vest, and shares of common stock are issued, in equal installments on the first, second and third anniversaries of the date of grant. In addition, concurrent with the timing of the employee awards, the Nominating and Governance Committee of the Board has 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 three-month periods ended April 30, 2017 and April 30, 2016 for these restricted stock unit awards and other stock-based compensation was $3,166 and $2,312, respectively. Total expense recognized in the nine-month periods ended April 30, 2017 and April 30, 2016 for these restricted stock unit awards and other stock-based compensation was $9,058 and $6,991, respectively.

For the restricted stock units that vested during the nine-month periods ended April 30, 2017 and April 30, 2016, a portion of the vested shares awarded were withheld as treasury shares to cover the recipients’ estimated withholding taxes. Tax payments made by the Company related to these stock-based awards for the nine months ended April 30, 2017 and April 30, 2016 totaled $4,572 and $2,484, respectively.