Stock Repurchase Plan

12 Months Ended

Jul. 31, 2016

Payments for Repurchase of Equity [Abstract]

Stock Repurchase Plan

Share Repurchase Plan

On March 9, 2006, the Company’s Board of Directors approved a share repurchase program, authorizing the Company to repurchase up to 3,000,000 shares of common stock. On July 16, 2008, the Company’s Board of Directors increased the authorization by an additional 3,000,000 shares, and on December 4, 2015, the Company’s Board of Directors increased the authorization by an additional 1,500,000 shares for a total authorization to repurchase shares of up to 7,500,000 shares. During the year ended July 31, 2016, the Company repurchased 485,866 shares (at a total cost of $53.8 million). The Company did not repurchase any shares of common stock during the years ended July 31, 2015 or 2014. Since inception of this stock repurchase program through July 31, 2016, the Company has repurchased 5,434,977 shares at a cost of approximately $247.0 million. As of July 31, 2016, 2,065,023 shares remained available to repurchase under the existing repurchase authorization. These authorizations have no expiration date. Shares of common stock purchased pursuant to the repurchase program will be held as treasury shares and may be used for issuance under the Company’s employee share award plan.