STOCK-BASED COMPENSATION (Notes)

12 Months Ended

Jul. 31, 2023

STOCK-BASED COMPENSATION

The Oil-Dri Corporation of America 2006 Long Term Incentive Plan (as amended, the “2006 Plan”) permits the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards and other stock-based and cash-based awards. Our employees and outside directors are eligible to receive grants under the 2006 Plan. The total number of shares of stock subject to grants under the 2006 Plan may not exceed 1,219,500. As of July 31, 2023, there were 241,540 shares available for future grants under this plan.

RESTRICTED STOCK

All non-vested restricted stock as of July 31, 2023 was issued under the 2006 Plan with vesting periods generally from two to five years. The fair value of restricted stock was determined by the closing market price of our Common Stock on the date of grant multiplied by the number of shares granted. Fair value of shares vested is $2.6 million and $2.5 million in fiscal year 2023 and 2022, respectively.

A summary of restricted stock transactions under the plans is shown below.


	Number of Shares (in thousands)	Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Term (Years)	Unamortized Expense (in thousands)
Non-vested restricted stock outstanding at July 31, 2021	370	$	33.96	3.3	$	7,073
Granted	126	$	33.48
Vested	(71)	$	34.64
Forfeited	(43)	$	34.29
Non-vested restricted stock outstanding at July 31, 2022	382	$	33.63	3.0	$	7,064
Granted	63	$	29.88
Vested	(73)	$	35.06
Forfeited	(24)	$	29.22
Non-vested restricted stock outstanding at July 31, 2023	348	$	32.95	2.3	$	5,129

Stock-based compensation for restricted stock of $2.4 million and $2.1 million, net of related tax effect, was recognized in fiscal years 2023 and 2022, respectively. The total restricted stock compensation related tax benefit was $0.8 million and $0.7 million in fiscal years 2023 and 2022, respectively.