v3.26.1
Stockholders' Equity
 12 Months Ended
Jul. 31, 2026
Stockholders' Equity Note [Abstract]  
Stockholder's Equity Stockholders’ Equity
Information as to the Company’s capital stock as of July 31, 2026 and 2025 was as follows:
July 31, 2026July 31, 2025
Shares AuthorizedShares IssuedAmount (thousands)Shares AuthorizedShares IssuedAmount (thousands)
Preferred Stock, $.01 par value5,000,000 5,000,000 
Cumulative Preferred Stock:
6% Cumulative		5,000 5,000 
1972 Series10,000 10,000 
1979 Series30,000 30,000 
Common Stock, $.01 par value: Class A Nonvoting100,000,000 51,261,487 $513 100,000,000 51,261,487 $513 
Class B Voting10,000,000 3,538,628 35 10,000,000 3,538,628 35 
$548 $548 
Before any dividend may be paid on the Class B Common Stock, holders of the Class A Common Stock are entitled to receive an annual, noncumulative cash dividend of $0.01665 per share. Thereafter, any further dividend in that fiscal year must be paid on each share of Class A Common Stock and Class B Common Stock on an equal basis.
Other than as required by law, holders of the Class A Common Stock are not entitled to any vote on corporate matters, unless, in each of the three preceding fiscal years, the $0.01665 preferential dividend described above has not been paid in full. Holders of the Class A Common Stock are entitled to one vote per share for the entire fiscal year immediately following the third consecutive fiscal year in which the preferential dividend is not paid in full. Holders of Class B Common Stock are entitled to one vote per share for the election of directors and for all other purposes.
Upon liquidation, dissolution or winding up of the Company, and after distribution of any amounts due to holders of Preferred Stock, if any, holders of the Class A Common Stock are entitled to receive the sum of $0.8333 per share before any payment or distribution to holders of the Class B Common Stock. Thereafter, holders of the Class B Common Stock are entitled to receive a payment or distribution of $0.8333 per share. Thereafter, holders of the Class A Common Stock and Class B Common Stock share equally in all payments or distributions upon liquidation, dissolution or winding up of the Company.
The preferences in dividends and liquidation rights of the Class A Common Stock over the Class B Common Stock will terminate at any time that the voting rights of Class A Common Stock and Class B Common Stock become equal.
The following is a summary of other activity in stockholders’ equity during the years ended July 31, 2026, 2025, and 2024:
Deferred CompensationShares Held in Rabbi Trust, at costTotal
Balances at July 31, 2023$11,383 $(11,383)$— 
Shares at July 31, 2023318,198 318,198 
Sale of shares at cost$(889)$889 $— 
Purchase of shares at cost1,217 (1,217)— 
Balances at July 31, 2024$11,711 $(11,711)$— 
Shares at July 31, 2024312,124 312,124 
Sale of shares at cost$(556)$556 $— 
Purchase of shares at cost1,384 (1,384)— 
Balances at July 31, 2025$12,539 $(12,539)$— 
Shares at July 31, 2025313,467 313,467 
Sale of shares at cost$(1,184)$1,184 $— 
Purchase of shares at cost1,066 (1,066)— 
Balances at July 31, 2026$12,421 $(12,421)$— 
Shares at July 31, 2026297,962 297,962 
Deferred Compensation Plans
The Company has two deferred compensation plans, the Executive Deferred Compensation Plan and the Director Deferred Compensation Plan that allow for compensation to be deferred into either the Company's Class A Nonvoting Common Stock or into other investment funds. Neither plan allows funds to be transferred between the Company's Class A Nonvoting Common Stock and the other investment funds.
At July 31, 2026, the deferred compensation balance in stockholders’ equity represents the investment at the original cost of shares held in the Company’s Class A Nonvoting Common Stock for the deferred compensation plans. The balance of shares held in the Rabbi Trust represents the investment in the Company’s Class A Nonvoting Common Stock at the original cost of all the Company’s Class A Nonvoting Common Stock held in deferred compensation plans.
Incentive Stock Plans
The Company has an incentive stock plan under which the Board of Directors may grant nonqualified stock options to purchase shares of Class A Nonvoting Common Stock, restricted stock units (“RSUs”), performance-based restricted stock units (“PRSUs”), or restricted and unrestricted shares of Class A Nonvoting Common Stock to employees and non-employee directors. Certain awards may be subject to pre-established performance goals. The majority of the Company’s annual share-based awards are granted in the first quarter of the fiscal year.
As of July 31, 2026, the Company has reserved 1,245,114 shares of Class A Nonvoting Common Stock for outstanding stock options and RSUs and 4,460,495 shares of Class A Nonvoting Common Stock remain for future issuance of stock options and restricted and unrestricted shares under the active plans. The Company uses treasury stock or will issue new Class A Nonvoting Common Stock to deliver shares under these plans.
Total stock-based compensation expense recognized during the years ended July 31, 2026, 2025, and 2024, was $22,855, $11,882, and $7,361, respectively. Stock-based compensation expense during the year ended July 31, 2026 included $6,051 related to the modification of equity awards in connection with executive transitions. The total income tax benefit recognized in the consolidated statements of income was $2,557, $1,526 and $1,014 during the years ended July 31, 2026, 2025, and 2024, respectively.
Stock Options
The stock options issued under the plan have an exercise price equal to the fair market value of the underlying stock at the date of grant and generally vest ratably over a three-year period, with one-third becoming exercisable one year after the grant date and one-third additional in each of the succeeding two years. Options issued under the plan, referred to herein as “time-based” options, generally expire ten years from the date of grant. The Company did not grant time-based stock option awards during the years ended July 31, 2026 or 2025.
The Company has estimated the fair value of its time-based stock option awards granted during the year ended July 31, 2024 using the Black-Scholes option valuation model. The weighted-average assumptions used in the Black-Scholes valuation model are reflected in the following table:
Black-Scholes Option Valuation Assumptions2024
Expected term (in years)5.40
Expected volatility30.23 %
Expected dividend yield1.89 %
Risk-free interest rate4.72 %
The following is a summary of stock option activity for the year ended July 31, 2026:
Time-Based OptionsOptions OutstandingWeighted Average Exercise PriceWeighted Average Remaining Contractual Term (Years)Aggregate Intrinsic Value
Outstanding as of July 31, 2025
1,052,314 $45.17 
Granted— — 
Exercised(280,822)41.71 
Forfeited(1,627)54.80 
Outstanding as of July 31, 2026
769,865 $46.41 4.1$36,360 
Exercisable as of July 31, 2026
759,318 $46.29 4.0$35,949 
The following table summarizes additional stock option information:
202620252024
Weighted-average fair value of options granted during the period$— $—$16.41
Intrinsic value of options exercised during the period (in thousands)11,778 5,559 8,860 
Fair value of options vested during the period (in thousands)517 1,529 2,020 
Cash received from the exercise of stock options during the period (in thousands)11,318 6,171 8,186 
Tax benefit on options exercised during the period (in thousands)2,944 1,390 2,215 
As of July 31, 2026, total unrecognized compensation cost related to options that are expected to vest was $33 pre-tax, net of estimated forfeitures, which the Company expects to recognize over a weighted-average period of 0.2 years.
RSUs
RSUs issued under the plan have a grant date fair value equal to the market price of the Company's stock at the date of grant and generally vest ratably over three years, with one-third vesting one year after the grant date and one-third additional in each of the succeeding two years.
The following tables summarize the RSU activity during the year ended July 31, 2026:
RSUsSharesWeighted Average Grant Date
 Fair Value
Non-vested RSUs as of July 31, 2025
162,667 $65.19 
Granted200,044 79.05 
Vested(71,725)61.29 
Forfeited(4,947)71.72 
Non-vested RSUs as of July 31, 2026
286,039 $75.75 
The RSUs granted during the years ended July 31, 2025 and 2024, had a weighted-average grant-date fair value of $74.35 and $55.43, respectively.
The total fair value of time-based RSUs vested during the years ended July 31, 2026, 2025 and 2024, was $5,642, $5,350, and $3,888, respectively.
As of July 31, 2026, total unrecognized compensation cost related to RSUs that are expected to vest was $10,770 pre-tax, net of estimated forfeitures, which the Company expects to recognize over a weighted-average period of 2.3 years.
PRSUs
PRSUs are contingent on the achievement of predetermined market and performance targets. The PRSUs granted under the plan vest at the end of a three-year performance period provided the service period and specified performance targets are met. For the PRSUs granted during the years ended July 31, 2026, 2025, and 2024 awards will vest based on achievement of performance conditions relating to Company revenue and diluted EPS targets.
The PRSUs granted during the year ended July 31, 2026 had a fair value determined by the average of the high and low stock price on the date of grant.
The following tables summarize the PRSU activity during the year ended July 31, 2026:
PRSUsSharesWeighted Average Grant Date
 Fair Value
Non-vested PRSUs as of July 31, 2025
152,266 $59.92 
Granted73,123 70.14 
Vested(25,074)60.79 
Forfeited(11,105)48.62 
Non-vested PRSUs as of July 31, 2026
189,210 $64.19 
The PRSUs granted during the year ended July 31, 2025 and 2024, had a weighted-average grant-date fair value of $71.24 and $51.16, respectively. The total fair value of PRSUs vested during the years ended July 31, 2026, 2025 and 2024, was $1,934, $595, and $141, respectively.
As of July 31, 2026, total unrecognized compensation cost related to PRSUs that are expected to vest was $3,151 pre-tax, net of estimated forfeitures, which the Company expects to recognize over a weighted-average period of 1.7 years.